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Recession-Free Parking!

New York
Recession-Free Parking!
Ace Capital Ventures founder Howard Greenberg
Despite 20% fewer people owning cars, parking garage leasing and sales are not in a recession, says Ace Capital Ventures founder Howard Greenberg, who’s worked on many deals lately, including a three-garage sale in Harlem and the lease of an 85-space garage at 211 E. 18th St. Although sales have slowed and operators are more conservative in taking locations, transactions are consistent because there's still a demand. Plus, landlords and co-op boards have been reaching out to him when they learn that the tenant pays the broker’s commission for parking facilities—a no-lose situation, he says. Currently, he’s working with The Clarett Group to offer the 200-car garage at Downtown Brooklyn’s The Brooklyner for bid.