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.
Eastern Consolidated
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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