Eastern Consolidated director Martin Ezratty with senior director Roberto Ortiz procured the buyer, while Karen Dome, Justdan Realty LLC, represented the seller, congregants of the on site three-story church property, which will be demolished to make way for the new hotel. "One of the perks that drove the deal was the 20,000 sf of additional air rights on offer to the new owner through a city-operated District Improvement Fund Bonus," Ezratty explains.
Deborah Jackson, executive managing director of Weiser Realty Advisors LLC, who was not involved in the deal, tells GlobeSt.com that this is a great location and the hotel project is "well poised to benefit from the development activity in the area and from strong demand for quality hotel space in Manhattan and this submarket."
Jackson explains that "it is across the street from the Post Office, which they hope to turn in to the new Amtrak station. It's next door to the New Yorker hotel. And will be in close proximity to the Railyards Development--if it gets passed. And will be nearby to the new Javits construction--if that takes off." She explains that the site is located in Midtown West, which includes Times Square, adding that in general, hotel stats in Manhattan have been strong-with incredible rates in the recent past. "In Midtown West, demand leveled off somewhat in the recent past--as measured in occupancy rate--more though due to the limited number of hotel rooms. In the past few years, room rates have increased dramatically. There are a number of projects planned for this area, which it is envisioned will accommodate some of the untapped demand."
Ortiz agrees with Jackson, noting that "West 33rd Street between Eighth and Ninth avenues is an excellent location for a new hotel, given the future viability and current development in the area, as well as its proximity to the new Madison Square Garden and Farley Post Office." John Sarcone from the Sarcone Law Firm PLLC acted on behalf of the seller; the buyer's attorney was unnamed.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, 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.
