Garment Center office building has good long and short term prospects.Eastern Consolidated negotiated the sale of a West Side Garment Center commercial property that fetched a significant sales price for an occupied office building--$26.5 million--a number that clearly underscores how hot the investment sales climate is in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. for well-located properties zoned residential as of right. Eastern's Azita Aghravi, senior director with financial analyst Paul Nigido exclusively represented the seller, a partnership, which has large real estate holdings throughout Manhattan and in 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 . Aghravi also procured the buyer, a seasoned real estate family who had a 1031 exchange requirement. The eight-story, pre-war 70,000 s/f office building is situated at 313-321 West 37th Street, in the heart of the newly-zoned Hudson Yards area. "The existing mortgage on the property has to be assumed, and that made it an ideal candidate for a 1031 exchange buyer due to the large cash requirement," said Aghravi. 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. Aghravi, "Given the current strength of the office market, the new buyer plans to continue operating the building as an office property until the leases expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. . However, he has the long-term option of converting it to residential in the future." David Galanter, Esq. of Goldberg Weprin & Ustin represented the seller, while Gary Strauss of Gerstein, Strauss & Rinaldi LLP LLP - Lower Layer Protocol acted for the buyer. |
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