New York, NY – June 15,
2011 – A
50,000-square-foot ‘as of right’ commercial development site bordered
by three
of the most upscale and desirable neighborhoods in New York—Tribeca,
the West
Village and SoHo--has just been acquired by Fortuna Realty Hotel SoHo
LLC,
experienced hotel developers, for $12.75 million.
Eastern
Consolidated Principals/Senior Directors Alan P. Miller and Roberto F.
Ortiz
with Financial Analyst Paul J. Nigido exclusively represented seller
Patriot 523
Greenwich St LLC, a nationwide lender/owner, and procured the buyer.
“This
offering generated a tremendous volume of inquiries,” said Mr. Miller,
“because
of its location in one of the most sought-after neighborhoods in New
York City. Situated between Spring and Vandam Streets,
and zoned M1-6 for manufacturing and commercial uses, the highest and
best use
for this land is to develop a hospitality project, So, not
surprisingly, a hotel developer
emerged as the purchaser.”
“A
20+-story hotel with two elevators with 124 rooms will rise on the
site,” said
Mr. Ortiz who added that there is the potential to increase the project
size by
acquiring transferable development rights from adjacent properties.
Located
only a few blocks from the Trump SoHo Hotel, the Marriott Courtyard and
the
Sheraton’s Four Points, the site offers Hudson River water views above
the
tenth floor. Only a block away is the
late great architect Philip Johnson’s Urban Glass House, a luxury
residential
condominium project that was one of his last pieces of work.
Carolyn
Austin, Esq. of Dickstein Shapiro LLP represented the seller, while
Matthew
Kasindorf, Esq., Matthew Braunstein, Esq., and Emily Wolf, Esq. of
Meister,
Seelig & Fein LLP acted on behalf of the buyer.
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.
|