Soho/Hudson Square Development Site
Sells for $12.75 Million
Eastern Consolidated Represents Seller
Buyer of 523-25 Greenwich Street
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.
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.
Rubenstein Associates, Inc.
Melanie Keenan 212 843-8092
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New Limited Service Hotel For Sale On Manhattan’s Lower East Side
Priced At $19 Million; Eastern Consolidated Exclusively Retained to
Market 5 Allen Street Flagged by Howard Johnson; Under Construction,
with a Completion Date of Fourth Quarter 2011 / May 2011