Buyer has big plans for West Side building.At a time when sites in Manhattan are being gobbled up by developers keen to erect residential properties on them, the $5.5 million sale of 520-28 West 27th Street clearly bucks that trend. Eastern Consolidated's Alan P. Miller arranged the deal between the seller, American Hanger and Fixture Corp., and the buyer, PMA PMA (papillary-marginal-attached), n a system of epidemiologic scoring of periodontal disease devised by Schour and Massler in which the symbols denote the areas involved in gingival inflammation. PMA Progressive muscular atrophy Associates & Flank flank (flank) the side of the body between ribs and ilium. flank n. 1. The side of the body between the pelvis or hip and the last rib; the side. 2. Architects. PMA intends to raze raze also rase tr.v. razed also rased, raz·ing also ras·ing, raz·es also ras·es 1. To level to the ground; demolish. See Synonyms at ruin. 2. To scrape or shave off. 3. the four-story, elevatored, 31,000 s/f warehouse and showroom currently on the site in West Chelsea between 10th and 11th Avenues, to make way for a new 11-story, 50,000 s/f ground up commercial project. "The site lies in an M1-5 zone and is not part of the new West Chelsea Rezoning area, which permits residential construction, as of right," noted Mr. Miller. "There's no doubt we would have had many more suitors for the property had it been situated in the new zoning district. But PMA Associates was comfortable with the manufacturing/commercial use, because it aligned with their corporate strategy to construct a commercial condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. on the site." American Hanger had occupied the property since 1981, and wanted to move its business out of town, and take advantage of rising real estate values in the immediate area. PMA was the first potential buyer to step up to the plate. But Mr. Miller continued to advertise the property for more than a year working with 80 different brokerage houses, entertaining as many as 1000 investors, who registered serious interest in the warehouse, ranging from gallery users to hotel developers and even Gentlemen's Clubs A Gentlemen's club is a members' private club originally designed for male members of the English upper class. Today, however, they are generally more open about the gender and social status of their potential members. , but ultimately, PMA tenaciously te·na·cious adj. 1. Holding or tending to hold persistently to something, such as a point of view. 2. Holding together firmly; cohesive: a tenacious material. 3. emerged the winner as its bid was the highest. David L. Tecklin of Doppelt & Tecklin acted as attorney for American Hanger, while Margaret L. Ratner, P.C. Property acted for PMA. |
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