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Developer has big plans for $29m site near ladies mile.

A development site on West 22nd Street, between Sixth and Seventh Avenues in Chelsea, has just traded for $29 million through Eastern Consolidated.

Brian Ezratty, vice chairman of Eastern, exclusively represented the seller, the Laboz family and procured the buyer, the Ascend Group, a local developer.

The 10,287 s/f site, situated at 137145 West 22nd Street is now occupied by three four-story walk-up apartment buildings, with ground floor retail.

It was delivered vacant, however, enabling the new owner to develop a 77,426 s/f residential condominium on the property, which borders the famous Ladies' Mile Historic District.

"We are actively involved with the real estate activities of the Laboz family," noted Mr. Ezratty, who added that Eastern sold West 22nd Street to brothers Albert, Jason & Jody Laboz originally as a development site that was occupied by tenants, a year and a half ago.

After the Labozes vacated the site they decided to sell it at a profit, with the view of doing a 1031 exchange, instead of developing it themselves.

"Late last year, I sold the family two buildings in Brooklyn's Fulton Mall District for $24 million and now the $29 million sale of West 22nd represents the other end of the reverse 1031 exchange for the Brooklyn acquisitions."

Ezratty also noted that last year Eastern sold Laboz the 28,000 s/f West Broadway parking lot across from the SoHo Grand Hotel that the family is developing into 68 super luxury apartments, designed by Charles Gwathmey.

According to Albert Laboz, "We recently developed the Lyla, a 17-unit condominium on Sixth Avenue at 17th Street and even though we have a stake in Brooklyn [Laboz is chairman of the Fulton Street Mall Association], we're still bullish on Manhattan."

Jonathan Eiseman, Esq. of Eiseman Levine Lehrhaupt & Kakoyiannis represented the Laboz family, while Wayne Heickley, Esq. of Pryor Cashman Sherman & Flynn LLP acted for the purchaser, the Ascend Group.
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Publication:Real Estate Weekly
Date:Apr 5, 2006
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