The site currently accommodates a six-story building that is 100% occupied by commercial tenants, providing the new buyer an income stream pre-development. A source close to the sale tells GlobeSt.com that they cannot disclose any information on the buyer; however, the seller is locally based Nelson Tuchman of the Tuchman family.
Locally based Eastern Consolidated associate Anna Ronquillo represented the seller while Azita Aghravi, senior director, procured the buyer. "The existing building at 18,000 sf is under built; the site allows for a development of close to 39,500 sf--ideal for a boutique hotel," Ronquillo says.
Ronquillo tells GlobeSt.com that as built, the price per sf is $581 with 21,500 sf. "Developing a new 39,500-sf hotel, plus or minus, would result in the utilization of unused air rights and would create value for the property," she says. "Hotel market in the area is underserved."
According to Aghravi, the buyer owns other properties in the Garment Center and his original plan was to convert the property to a boutique hotel, but due to the tremendous demand from both local and foreign hospitality companies, the buyer is considering to joint venture or resell the property to an experienced hotel operator. For the time being, they are maintaining the building's current use as an office property.
Abe Mordowitz Esq. and Bruce Lemberg Esq. of Mordowitz & Lemberg LLP represented the seller. Behnam Kahem Esq. acted on behalf of the buyer.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
