Eastern Consolidated's Institutional Advisory Group Arranges Sale of Prime Manhattan Development Assemblage to Rockefeller Group for Close to $100 Million
NEW YORK, NY – May 8, 2017 – Eastern Consolidated’s Institutional Advisory Group has arranged the sale of a prime NoMad residential development assemblage to the Rockefeller Group for close to $100 million.
The assemblage offers 170,000 buildable square feet across three contiguous buildings at 30-36 East 29th Street between Park Avenue South and Madison Avenue and includes surrounding air rights. The buildings will be razed to make room for a ground up condominium development that will feature almost 100 feet of frontage on East 29th Street.
Exclusive agent Brian Ezratty, Vice Chairman and Principal, represented the three sellers—Extell Development, the owner of 30-32 East 29th Street; W Brothers, the owner of 34 East 29th Street; and 29th Street Partners LLC, the owner of 36 East 29th Street.
Ron Solarz, Executive Managing Director and Principal of Eastern Consolidated, took the lead on procuring the institutional purchaser, the Rockefeller Group, along with Ezratty. Scott Ellard, Vice President and Principal, Financial Services, was the analyst for the deal.
“It took about a year to put this assemblage together because it involved three separate properties and three different owners, but we persisted and ultimately the site attracted a strong, all cash, institutional level buyer,” Ezratty said. “This transaction proves that investors are still interested in developing residential buildings on well-located sites in Manhattan.”
Solarz added, “With a footprint of almost 100 x 100, this site offers tremendous light and air, making it a perfect location for a condominium development. NoMad has become a highly desirable neighborhood for new residential projects in recent years because it’s centrally located, convenient to all modes of public transportation, and is in Midtown South, one of the hottest office sub-districts in the country.”
Condominium sales exceed $2,500 per square foot in NoMad and are reaching north of $4,000 per square foot in some cases. More than 10 new luxury residential towers and four luxury branded hotels now complement the neighborhood’s historically and architecturally significant buildings. Prime developments include Sky Couture at 400 Park Avenue South, which Eastern Consolidated previously sold, the Huys at 404 PAS, the former Toy Center at 10 Madison Square West, the Whitman at 21 East 26th Street, and 241 & 242 Fifth Avenue, among many others.
Powered by a highly skilled team of over 100 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.com and follow us on Twitter@EasternConsol.
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