Eastern Consolidated Completes Trio of Sales

NEW YORK CITY-Ownership of the land beneath 88 Pine St. has been consolidated in the hands of the building owner, Orient Overseas Building Corp., by the $10 million sale of a portion of the land by Pine Properties LLC. Though a minor portion of the land is still owned by a third party, Orient Overseas believes it has taken a major step towards eliminating the 88 Pine St. ground lease. Only the ground changed hands, no underground structure was involved. According to an Eastern spokesperson, to avoid a fair market value appraisal process in order to set the new rent, the parties entered into the negotiations.

The seller was represented in the transaction by attorney Jeffrey Randall Karp, a private practitioner affiliated with Eastern Consolidated Properties Inc. The purchaser was represented by partners Barry E. Shimkin and Steven V. Campo of Greenberg Traurig LLP. Charles L. Goldenberg served as consultant for the transaction.

In other recent sales, Eastern sold 76-18 69th Place also known as “The Glendale” in Glendale, Queens for $4.1 million. The five-story commercial building comprising 55,000 sf has 12-foot ceilings through-out, and will be delivered vacant. Originally built as a Textile Factory in the early 1900′s, the building is constructed of heavy-duty post and beam construction with a 150-pound live load floor capacity.