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Manhattan Parking Garage Is Listing for $50 Million

The Wall Street Journal. logo The Wall Street Journal. 5/14/2015 Candace Taylor
177-179 East 73rd Street, New York © Courtesy Wall Street Journal 177-179 East 73rd Street, New York

A Manhattan parking garage is being pitched to single-family home buyers for $50 million.

Of course, the building on East 73rd Street isn’t just any parking garage. The five-story Beaux-Arts structure was built around 1906, when only the elite had cars. “They built this to appeal to the sensibilities of the wealthy,” with a mansard roof and dormer windows, explained Pat Wheatley of Sotheby’s International Realty, who is listing the property with Nikki Field.

“We’re targeting people who need a large home,” Ms. Field said. The 40-foot-wide building measures about 17,200 square feet, with ceilings up to 17 feet high, she said, adding that converting the building to a home would cost anywhere from $9 million to $20 million.

The building has been owned for decades by three families, said attorney Robert Nussbaum, a representative for the roughly 20 owners. The current tenant, a garage operator, has been in place for years, he said. But now that Manhattan townhouses regularly command tens of millions of dollars, it makes financial sense to sell, he said.

“The environment’s changed very much,” he said. “You’re looking at different numbers now.”

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