The property was marketed in December and was expected to fetch $30.8 million, as GlobeSt.com previously reported. Eastern Consolidated's vice chairman Brian Ezratty with vice president of financial services Scott Ellard both represented the seller and Ezratty procured the buyer.
Ezratty tells GlobeSt.com that one of the attractions to the buyer was the location, which is in a vibrant area. "We had 20 offers and probably 10 over $26 million and five over 28 million," he says. There was "lots of interest in it."
Ezratty says that "the new owners plan to upgrade this well-positioned property located between Fifth and Sixth avenues, and continue to operate it as an office building. It possesses 6,500-sf floor plates and 12.5-foot ceiling heights, ideal for tenants desiring a Penn Plaza address."
Capital improvements at the 82,000-sf property, which included the replacement of the boiler and burner last year, also include new elevator systems and a new card key access system. Ezratty previously told GlobeSt.com that the seller's reasons for selling are simply "to raise some cash." Ezratty also told GlobeSt.com that the property will be directly and positively affected by the recreation of the Farley Post Office Building, the extension of the No. 7 subway line, the expansion of the Jacob Javits Convention Center and the general redevelopment of the entire Penn Plaza and Hudson Yards area."
According to Ellard, "as the availability of office space continues to shrink and supply tightens, demand for office space in the city's best locations will not wane. Midtown South is no exception and it is especially an attractive alternative for tenants who cannot afford the Plaza District's steep rental rates." Attorneys in the transaction were: Jonathan Adelsberg Esq. and Dena Cohen Esq. at Herrick Feinstein who represented the sellers and Michael Melinger Esq. who represented the purchaser.
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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.
