{"id":3027,"date":"2010-08-11T11:08:31","date_gmt":"2010-08-11T15:08:31","guid":{"rendered":"http:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=3027"},"modified":"2025-07-07T10:24:28","modified_gmt":"2025-07-07T07:24:28","slug":"mercedes-benz-pays-189-7-million-for-new-manhattan-dealership","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2010\/08\/11\/mercedes-benz-pays-189-7-million-for-new-manhattan-dealership\/","title":{"rendered":"Mercedes-Benz Pays $189.7 Million for New Manhattan Dealership"},"content":{"rendered":"

Mercedes-Benz USA has paid $189.7 million for 330,000+ square feet of retail and office space at 770 eleventh avenue, a deed recorded last week shows.<\/p>\n

\"Mercedes-Benz-Manhattan\"

Rendering of the new Mercedes-Benz dealership | Spector Group via The NY Times<\/p><\/div>\n

The space will host the German automaker’s new flagship dealership in Manhattan. It is the first and only company-owned dealership in the US and it is expected to set the standard for newly built Mercedes dealerships around the US, according to the architecture firm Spector Group<\/a>.<\/p>\n

NY Times<\/a> reported earlier this year that the dealership will be part of a 900-unit residential development, called The Clinton Park.\u00a0 According to the same source, the project’s developer, Tow Trees Management, has obtained financing ($90 million) only for the dealership, while the residential side will be completed as soon as the rental market rebounds and financing is made available.<\/p>\n

The exact size of the commercial space is 339,413 square feet, according to the building’s condo declaration. That makes the price per square foot to be just shy of $560.<\/p>\n

\"Volkswagen\/Audi<\/p>\n

It’s the second German automaker to invest over $100 million in a new dealership on 11th Avenue in less than a year. In November 2009, Volkswagen Group of America<\/a> announced a $125 million investment in a new Volkswagen\/Audi dealership just two blocks north of the new Mercedes dealership, at 802 11th Avenue<\/a>.<\/p>\n

Volkswagen paid $84.35 million for a 228,000* square-feet building, or $370 per square foot.\u00a0 Volkswagen intends to invest another $41 million in renovating the building, according to a press release by CB Richard Ellis, the company who brokered the deal.<\/p>\n

* Note: Both Volkswagen and CB Richard Ellis announced the new showroom as having 265,000 square feet. Our records show the building to have 228,000 square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"

Mercedes-Benz USA has paid $189.7 million for 330,000+ square feet of retail and office space at 770 eleventh avenue, a deed recorded last week shows. The space will host the German automaker’s new flagship dealership in Manhattan. 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