Eastern makes $23m Greenwich St. sale.Eastern Consolidated Properties, Inc. has announced the sale of the fee simple interest in 609 Greenwich Street for $23 million. Located at the corner of Leroy Street in the Hudson Square Office District of Lower Manhattan Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York. Lower Manhattan is generally defined as the area delineated on the north by Chambers Street, on the west by the Hudson River (North , this area is rapidly becoming a mixed-use residential/office district, with million dollar apartments and creative-type companies attracted by its proximity to the Hudson River Hudson River River, New York, U.S. Originating in the Adirondack Mountains and flowing for about 315 mi (507 km) to New York City, it was named for Henry Hudson, who explored it in 1609. Dutch settlement of the Hudson valley began in 1629. , and round the clock activities. Built in 1920, the property is a 9-story plus basement office building containing approximately 150,140 rentable square feet. Ron Solarz and Eric Anton, Senior Directors of Eastern, were given the assignment to sell the property by ownership over 18 months ago, and along with their financial analyst Paul Nigido, marketed the property to investors and users given the 30% vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled. 2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. factor at the property. Eventually, a purchaser was procured and a creative deal was structured by Brian Ezratty, Vice Chairman of Eastern. The purchaser had an immediate need for a 1031 tax free exchange. The buyer's requirement mandated that the sale close by January 5, 2004, and Eastern and ownership were able to execute the sale just three days before deadline. During the contract period the purchaser was able to get approval by the existing lender to assume the securitized securitized Of, related to, or being debt securities that are secured with assets. For example, mortgage purchase bonds are secured by mortgages that have been purchased with the bond issue's proceeds. mortgage encumbering the property. 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. Anton, "We may have set a record for site inspections for this exclusive, given the fact that so many investors, users, and residential converters wanted to tour the building during the last year and half." Solarz continued, "The eventual purchaser was able to sign a non-contingent contract quickly, and was able to work very well with the seller, once the price issue was settled." Peter R. Batten bat·ten 1 v. bat·tened, bat·ten·ing, bat·tens v.intr. 1. To become fat. 2. acted as counsel for the seller. Nat Tannen represented the purchaser, a local investment client of the firms. |
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