New York, NY – August 17, 2011 – In a transaction that will result in the construction of a brand new hotel in The Garment District between Eighth and Ninth Avenues, the sliver of land that currently serves as a parking lot at 312-318 West 37th Street has just traded for $20.8 million to a joint venture between The Albanese Organization and The Buccini/Polin Group.
Eastern Consolidated Principal and Senior Director David Schechtman procured the buyers and ultimately acted on behalf of the sellers in the non-contingent all cash transaction.
“The sellers, two families named Wenner and Larkin, who had jointly owned the site for nearly 100 years, were deluged with offers by developers through the years to sell their land,” said Mr. Schechtman. “Indeed, I first approached them five years ago, hoping for exclusive representation, but they were having none of it. I introduced the Buccini/Polin-Albanese joint venture, and after several weeks of price and contract negotiations, we were able to mutually agree on terms.”
According to Mr. Schechtman, the deal is significant because it indicates that non-New York -based developers (Buccini/Polin is based in Washington, D.C.) still have a healthy appetite for prime Manhattan development sites. And it also points to the fact that land prices have returned to 2007 highs.
“Financing is still available,” he added, “at very low rates, but that could change very quickly given these turbulent times. But because this site fetched such a high price, other long-time owners might well be encouraged to follow suit.”
This represents Buccini/Polin’s first entrée to the New York City market, hence the reason for partnering with a well-regarded, long established Long, Island New York real estate firm. . A 300-room hotel property is envisioned at the location.
About The Buccini/Polin Group
A privately-held, full-service real estate acquisition, development and management company with offices in Washington, DC, Wilmington, DE, Philadelphia, PA, and Baltimore, Buccini/Pollin develops and acquires hotel, office, residential, retail, and parking properties in the Mid-Atlantic and Northeast regions of the United States.
About The Albanese Organization
The Albanese Organization, based in Long Island, NY, is a privately-held, full-service real estate firm which develops and represents owners, investors and joint-venture partners and specializes in the development, construction, rehabilitation, management and marketing of undeveloped or underutilized properties.
Founded in 1981, Eastern Consolidated is one of the country’s preeminent full-service real estate investment services firms, combining an unrivaled expertise in the greater New York marketplace with a worldwide roster of institutional and private investor clients. Over the years, it has been responsible for the acquisition, disposition and finance of all types of properties, including office and apartment buildings, lofts, factories, hotels, shopping centers, commercial and residential development sites, taxpayers, parking garages and lots, retail condominiums and air rights transfers.
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Melanie Keenan 212 843-8092
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