Eastern Consolidated senior director Jeffrey Troy, director Aliza Avital and executive managing director Stuart Gross, who represented the sellers of the two parcels and procured the purchaser, tells GlobeSt.com exclusively that this deal has been in the works for some time now. "Our exclusive with the seller began in 2005," Gross notes. "It was difficult to find a buyer because of the necessities that were required to develop on two neighboring block-through parcels, such as a required courtyard and other regulations making the layout more complicated."

He explains that although plans and approvals are being finalized, the development potential for this site that the new owner intends to utilize include 65,000 sf of ground-floor retail mixed with residential components above, as well as 23,000 sf of parking, mechanical and recreational space below, however "the buyer had a year long structured deal in place in order to work through the approval issues for developing on these two parcels," Gross adds.

"The owners were longtime users of the property and were closing their business to move on to other things," Gross explains. Raem Chambers Street was the seller of 91-93 Chambers St., which is a one-story 4,950-sf building and parking lot, which together comprise 7,793 sf. Rae-me Realty Corp. was the seller of 95 Chambers St., an irregular shaped parcel with 27 feet of frontage on Chambers Street. The site formerly accommodated the well-known Ralph's Discount Store.