Tired of schlepping to the subway? Try 11th Avenue — High-end car dealers are rolling into Manhattan’s far West Side, as the area attracts more development north of the Hudson Yards project and Hell’s Kitchen.
Mercedes-Benz spent $220 million for 330,000 square feet anchoring luxury rental Mercedes House at 770 11th Ave., between 53rd and 54th streets. Volkswagen paid about $150 million to convert a former Potamkin dealership at 798 11th Ave. And Porsche is reportedly looking for space on the avenue, according to the Wall Street Journal.
Car sellers have been setting up shop on 11th Avenue between West 47th and 57th streets since the mid-1980s, moving west from Broadway.
“Nobody wanted to be on 11th Avenue, but the rent was cheap or buildings were cheap,” Mark Schienberg, president of the Greater New York Automobile Dealers Association, told the Wall Street Journal.
But now, rents are increasing with gentrification of the formerly industrial neighborhood. “If you look and follow the city up the West Side, it’s all done really well,” Peter Febo, head of asset management for Taconic Investment Partners, said to the Wall Street Journal. Taconic recently paid $110 million to acquire an office building at 619 West 54th Street — now a Maserati dealership. “This is the next development of the area.”