Eastern's Bar Building sale reflects high valuation trend.Leading commercial brokerage firm, Eastern Consolidated Properties, Inc., has recently sold The Bar Building located at 36 West 44th Street and 35 West 43rd Street, acting as the exclusive agent for SL Green Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Corp. The Bar Building, located in the heart of the Plaza District, is within one of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City's most rapidly expanding retail and commercial districts, proximate proximate /prox·i·mate/ (prok´si-mit) immediate or nearest. prox·i·mate adj. Closely related in space, time, or order; very near; proximal. proximate immediate; nearest. to Rockefeller Center Rockefeller Center, complex of buildings in central Manhattan, New York City, between 48th and 51st streets and Fifth Ave. and the Ave. of the Americas (Sixth Ave.). The project was sponsored by John D. Rockefeller, Jr. and Grand Central Station and well-known for its signature architecture and luxury office space. Since SL Green's purchase of the building, the Bar Building has undergone capital improvements valued at over $1.15 million and now boasts a diverse roster of upscale tenants. The building has enormous growth potential, with upcoming lease expirations through December 2002 totaling nearly 100,000 square feet. The sale of the building represents a more significant trend in NYC's commercial real estate market today, with market values consistently surpassing even the most aggressive forecasts. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Peter Hauspurg, chairman, "Eastern has had an active and continuous 15-year relationship with SL Green on both the buy and sell sides, and in this case, we developed an aggressive bidding situation for the property that came in above expectations." Eastern has completed a number of significant deals on behalf of SL Green, including 470 Park Avenue South, 70 West 36th Street and 250 Park Avenue South, among others. The Eastern team on behalf of the owner included Peter Hauspurg, Brian Ezratty and Jon Epstein. The sale drew a wide list of interested bidders and Ronda Rogovin, also of Eastern Consolidated, represented the purchaser, an investor client of the firm who moved quickly through due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. to secure the signature site. Rogovin remarked, "Prices in the Grand Central District continue to maintain high values and exceed our greatest expectations. In only a short time, the rent values we had assumed were increased far beyond our initial assumptions. We are most pleased that the value of this asset was to be recognized through the competitive bidding Competitive bidding A securities offering process in which securities firms submit competing bids to the issuer for the securities the issuer wishes to sell. competitive bidding 1. process Eastern conducted." |
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