LAZ Parking, the largest, fastest-growing privately owned parking operator in the United States, announced today the purchase of a surface parking lot at 102 Dickerson St. in Syracuse, N.Y. through its realty investment arm, LAZ Parking Realty Investors (LPRI). The acquisition of the property, known as the Trolley Lot, is the latest in a growing portfolio of parking facilities owned or managed by LAZ Parking in downtown Syracuse. LAZ operates a total of ten parking facilities in the city, including four municipal parking garages run under a 2021 management contract with the City of Syracuse.
“Our first priority at LAZ is to provide first-in-class parking services to our clients and customers,” said Alan Lazowski, Founder, Chairman, and CEO of LAZ Parking. “Adding the Trolley Lot to our growing inventory in downtown Syracuse enhances our ability to offer a convenient, seamless parking experience to residents and visitors while, at the same time, helping us grow our workforce and add jobs to the local economy.”
The Trolley Lot is situated in the heart of the Armory Square district, a lively business and commercial neighborhood in downtown Syracuse. The lot is across the street from Milton Rubenstein Museum of Science & Technology (MOST) and within walking distance of major hotels, event venues, and popular restaurants. It has 400-spaces and offers text-to-park, scan-to-pay entry and exit, giving it convenient 24/7 accessibility. LAZ also manages and operates two parking garages serving the neighborhood –Washington Street and Center Armory garages – along with a surface lot at 612 University Ave.
“We are excited to expand our footprint in the Armory District and to bring expanded parking options to our loyal customers in the city of Syracuse,” said Chris Suszko, LAZ Parking’s General Manager for Upstate New York.
LPRI is a private company founded in 2007 to identify, assess, and acquire parking assets nationwide. LPRI focuses on assets within the top 50 central business districts in the U.S. market. It is a separate legal entity from LAZ Parking but shares principals to leverage the resources and experience of the nation's second largest parking operator. In the last decade, LPRI has acquired over 60 individual parking assets, with values ranging from $1 million to $165 million, and in cities from Boston to San Francisco and Seattle to Jacksonville.
LAZ’s presence in the Syracuse market dates back nearly 15 years. It has operated the Fayette Garage since 2009 and the AXA Garage since 2014. Other sites in the LAZ portfolio include the Madison-Irving, Equitable Towers, and PEAK garages and the Onondaga County, and BOA-Clinton Square lots.
“LPRI’s involvement in a purchase that becomes an owned asset has special meaning to us,” said Jeff Sanders, LAZ Parking’s Regional Vice President for New York and New Jersey. “With the purchase of the Trolley Lot, we are bringing the success we have had in other parts of the region to Syracuse, steadily expanding our footprint to better serve the parking needs of local residents and visitors attending events at SUNY Upstate, the JMA Wireless Dome, The Rail Line, or any of the city’s many other event venues.”