Jack Parker Corp., also a significant city property holder and owner of the Parker Meridian Hotel, leased the land for a figure somewhere north of $25 million, according to Andrew Gerringer, who represented Parker in the deal. Gerringer is an executive vice president with Insignia Douglas Elliman and director of the firm's Development Marketing Group. Joseph Mirasola of Lee O'Dell Real Estate initially brokered for the Ponte family but passed away before the deal was signed.

The property is bounded by Watts Street on the north, Debrosses Street on the south, Washington Street on the East and West Street on the west. Currently a warehouse district, Parker plans to begin redeveloping the space in short order. "The property is in an area that is currently zoned for manufacturing, which is not the highest and best use," Gerringer tells GlobeSt.com. "Subject to due diligence and securing a necessary variance from the city, development may start as early as next fall on a major mixed-use project, most likely residential rental buildings with ground-floor retail space."

Gerringer states that negotiations for the acquisition have been ongoing for more than two years. "There was very active bidding," he tells GlobeSt.com. "People from Goldman Sachs, Vornado--every major player including every major real estate family in New York" was interested in the property.