Central Sells Manhattan Properties
Central has reduced its outstanding debt by selling a number of properties in New York City. You can read about it here. The gist:
NASHVILLE, Tenn.-Central Parking System, Inc. (“Central”) announced today that it successfully arranged for the sale of its wholly-owned property subsidiary “PropCo” properties. In the first of two coordinated transactions, Central completed the sale of six parking garages located in Manhattan to affiliates of Extell Development Company. As part of the transaction, Central will continue to manage the parking garage properties for Extell. The proceeds of the transaction were utilized to retire all of PropCo’s outstanding debt.