NEW YORK CITY—Eastern Consolidated has arranged the sale of a Midtown as-of-right development site, 4-6 West 37th St., for $20 million or $427 per buildable-square-foot. David Schechtman, a principal and executive managing director at Eastern Consolidated, and associate director Steven Zimmerman, exclusively represented the buyer, a New York- and Texas-based hotel developer. John Cirualo, of Massey Knakal Realty Services, represented the seller, the Franco Family.
The site is comprised of two, 43.75-foot wide and 100-foot deep, six-story commercial loft buildings that will be delivered vacant, totaling 46,659 buildable square feet. The property at 4 West 37th St. is 12,120 square feet and 6 West 37th Street is 11,798 square feet. The property is zoned for commercial, hotel, and residential use with the potential for some light manufacturing and community facility use.
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Savitt Partners arranged a 25,000-square-foot relocation and expansion transaction at 525 Seventh Ave. for Fashion Avenue Sweater Knits, a clothing company. The company is relocating from two locations: 1400 Broadway, where it had 12,000 square feet; and 225 W. 37th St. where it had 11,900 square feet. Veteran fashion industry executive Marc Schoen of Savitt represented Fashion Avenue in the lease negotiations. The Savitt Partners team of Brian Neugeboren and Bob Savitt, along with Steven Marvin of Olmstead Properties, acted on behalf of ownership in this transaction.
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Argo Real Estate has signed a 10-year, 5,000 square-foot lease for ground-level space with retailer, Adorama at 50 W. 17th St., which the company owns and manages. Jason Pennington and Zach Nathan of Ripco Real Estate represented Argo Real Estate, while David Tricarico and Lindsay Anapol of Cushman & Wakefield represented the tenant in the transaction. Although details of the transaction were not disclosed, asking rent was $118 per sq. ft.
Jason Pennington and Zach Nathan of Ripco Real Estate represented Argo, while David Tricarico and Lindsay Anapol of Cushman & Wakefield represented the tenant in the transaction. Although details of the transaction were not disclosed, asking rent was $118 per square foot. Adorama plans to use the street level space for photo and video equipment rental.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
