Development opportunity drive LES sale.

Five contiguous properties including a potential development site on Manhattan's burgeoning Lower East Side, namely 322-326 Grand Street, 68 Orchard Street and 65 Ludlow Street, have been acquired by Triangle West LLC, a local real estate investment company for $11.5 million.

Eastern Consolidated's Brian Ezratty, vice chairman and a principal, together with Barry Berkowitz, director, exclusively represented both the buyer, Triangle West, and the seller, 324 Grand Realty Corp., a family which owned and operated a wholesale/retail store at the site for over 50 years.

The offering consisted of three two-story commercial buildings and two adjoining five-story income-producing properties.

"What drove this deal was the opportunity to develop additional space plus the owners have a huge upside in both apartment buildings at 322 Grand Street and 65 Ludlow Street which are occupied by a majority of rent- stabilized tenants, paying well below market rents."

According to Berkowitz, "The historically rich Lower East Side is rapidly becoming one of the City's most sought-after neighborhoods, attracting a diverse array of young professionals, artists, and investment bankers, among others. It's a prime area for new residential development. This site is well-located and ideal for a mixed-used residential/retail project."

David Galanter, Esq. of Goldberg Weprin Ustin represented the buyer, while Michael Jaffee, Esq. of Kramer Levin acted for the seller.