Two-Parcel Tribeca Site Sells for $23M

NEW YORK CITY-Eastern Consolidated, a locally based, full-service real estate investment brokerage firm, represented Raem Chambers Street Corp. and Rae-me Realty Corp. in their sale of a Tribeca development site for $23.2 million, roughly $350 per buildable sf. The property, which consists of two contiguous block-through parcels, is located at 91-95 Chambers St. and was acquired by 77 Reade LLC. Raem had the title to 91 and 93 while Rae-me owned 95.

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.”