Eastern Consolidated's director David Schechtman with executive directors Eric Anton and Ronald Solarz represented the seller, long-time private family owner, the Griecos, while Eastern's Martin Ezratty, director, acted for the buyer, locally based developer West 27th Blackhouse LLC. Attorneys in the transaction were Greenberg Traurig who represented the buyer and David Techlin, who represented the seller.
"Yet again, a site in the 'High Line' district has fetched an amazing sum," notes Schechtman. "The sales price translates to $405 per sf, a huge number, but totally in accordance with market demand."
Schechtman tells GlobeSt.com that the seller is selling because "it's a favorable market." He adds that the buyer was attracted to the site because "with all the art galleries and restaurants in the area, the site is ripe for hotel development."
Ezratty agrees that at 50 by 90 feet, the site allows for a 24,686-sf new development. "My client has determined that a boutique hotel is the highest and best use."
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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.
