Search
 

Eastern Consolidated Completes Trio of Sales

NEW YORK CITY-Eastern Consolidated has completed three sales--one for land beneath 88 Pine St. and the others for residential properties on the Upper East Side and in Queens--totaling nearly $17 million.

By Barbara Jarvie | Updated on July 17, 2003

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.