Eastern Consolidated Sells Commercial Property On West 54th Street For $38.75 Million
New York, NY - January 26, 2007 - Boston Properties in a joint venture with Madison Equities led by Robert Gladstone has acquired 247-259 West 54th Street, an eight-story 96,679-square-foot rentable commercial office building located on the north side of West 54th Street between Broadway and Eighth Avenue in Midtown Manhattan.
Eastern Consolidated Vice Chairman Brian Ezratty and Scott Ellard of the Financial Services Group, represented the seller, a local real estate family and investor and Ezratty also procured the purchasers.
Although the building was a candidate for conversion to residential or hotel use, the likelihood is that it would be razed to become part of a larger commercial development, said Mr. Ezratty who explained that the property has the potential of being incorporated into the pending adjacent development, ultimately becoming part of an 850,000-square-foot site including air rights.
As part of the transaction, Ezratty was involved in a buyout of one of the two remaining tenants at 247-259 West 54th Street, an established sound studio based in California, with an expensive studio and theater installation. The last tenant, who is still in place, is dealing directly with the new owners and is expected to move shortly.
Steve Holm Esq. of Levy, Holm, Pellegrino & Drath, LLP represented the seller, while Eric Goldberg Esq. of Olshan Grundman Frome Rosenweig & Wolosky, 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.
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