Historic Gruenbaum's Bakery to be converted.

In yet another parking garage-related transaction, DeMarzo Realty has brokered the sale of the building where the historic Gruenbaum's Bakery operated for years in Washington Heights.

The building has been sold to a local parking garage operator, reports Howard Greenberg, a partner with

The 35,000-square-foot property sold for $6.5 million and will be converted into a parking garage. The two-story structure is located directly off the West Side Highway at 200 Dyckman Street and 181st Street.

"This conversion will provide much-needed parking for the entire area," says Mr. Greenberg, who, with his partner Anne DeMarzo, has specialized in this field for two decades.

"It's not easy to find properties in this neighborhood that have the proper zoning for a garage conversion.

This bakery was a special case that the parking operator was able to capitalize on."

Gruenbaum's Bakery, a kosher bakery well known throughout New York City, was a long-term tenant of the building.

Over the past year, DeMarzo has sold 11 garages, totaling more than $191 million, throughout the city. The firm still has a $20 million package of parking garages available in Washington Heights.

Recently, many parking garage operators have opted to sell their properties to budget hotel developers, who can convert the garages to hotels without zoning changes.