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Eastern Consolidated sells 15 West 34th Street.

Eastern Consolidated Properties, Inc has sold one of the key retail properties on the increasingly busy West 34th Street corridor. The 46,000 SF building, 15 West 34th Street, situated directly across the street from the Empire State Building, sold for $15.5 million, or approximately $337 per SF, which is believed to be a record value achieved for a pre-war office building in the 34th Street sub-district.

Eric Michael Anton and Ronald A. Solarz, principals of Eastern Consolidated Properties, exclusively represented property owner, Hampton Industries, in addition to procuring the purchaser, an investment group that included Jeffrey Sutton and Eli Gindi. Hampton decided to sell the property due to downsizing and the very strong market for well-located office buildings. Hampton purchased the building 19 years ago and was an early and important supporter of the 34th Street Partnership which is credited with improving the value of real estate in the area, as well the quality of retail life on 34th Street.

Anton and Solarz spearheaded the site marketing effort, which resulted in a frantic bidding environment in early April. "Because the ownership could deliver 40,000 SF of vacant office space above the ground floor retail space, both office space users and office building investors were interested in acquiring the property," they commented.

The retail space at 15 West 34th Street accounts for a large portion of the value of the property because retail rents on 34th Street range between $150 and $200 per SF. Hampton Industries, had negotiated an early cancellation of the previous tenant' (The VIM Store) lease, as well as a new lease with Aldo Shoes at a very attractive rent. However the contract vendee was required to sign a non-contingent contract whether or not VIM vacated on time.
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Article Details
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Jul 18, 2001
Previous Article:In a forgettable year, NYBC turns 80.
Next Article:Two Madison Avenue properties sold for $31M.

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