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Eastern Consolidated Properties, Inc.

Eastern Consolidated Properties, Inc. has sold the 218.000-square-foot mixed use building, including retail and office space, at 156 William Street to C & K Properties. Brian Ezratty, Vice Chairman and Scott Ellard, Director of Financial Services, facilitated the sale of this 12-story building as the exclusive broker on behalf of the Wilkoff Group.

Located near high-profile downtown institutions such as the Economic Development Corporation, the Downtown Revitalization Plan and government offices, 156 William Street is within a short walk of Pace University, New York University Hospital and City Hall as well as Wall Street, the burgeoning Silicon Alley and the City's major banking and financial institutions.

Initially, approximately 25,000 square feet were available on the ground floor, lower level and entire ninth floor with a commitment from a single tenant, the Maximus Corporation, and the buyer's financing was contingent upon the tenant being in occupancy and paying rent. However, the original contract between Maximus and New York City was the subject of a bitter feud between the Giuliani administration and the Comptroller, Alan Hevesi. After one 30-day extension with Maximus, the ability of the tenant to fulfill its lease agreement in a timely fashion became less certain. Without the lease in place, the buyer would have had to raise a substantial amount of additional equity in a very short period of time, jeopardizing the "time of the essence" closing.

The buyer was represented by Peter Miller and Elizabeth Lorton of Stroock & Stroock & Lavan and the seller was represented by Richard Cohen, Esq.
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Title Annotation:sale of property to C and K Properties
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Jun 28, 2000
Words:253
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