New York—A development site positioned in New York City’s Hudson Yards Special District at 511-515 West 36th Street traded for $21.25 million to Lake Success, N.Y.-based Lalezarian Properties.
Eastern Consolidated Associate Director Nancy Tran Esq. represented the seller, National Acoustics, while Eastern’s Senior Director Azita Aghravi procured the buyer of the site, which is currently occupied by a six-story commercial loft building comprised of approximately 37,929 square feet.
“The site is tremendously valuable because of its Hudson Yards location, now an extremely sought-after, rapidly gentrifying Manhattan submarket due to all the new development underway in the area,” Tran says. “When my client first purchased the property, the area was virtually a ‘no man’s land.’”
“Acquisition of the site was important to Lalezarian, since the company has plans to construct a residential rental development on this and other adjacent sites that it already owns,” adds Aghravi, who said that having real estate holdings in the vicinity of Hudson Yards is a magnet for investors because of zoning changes implemented in 2005, as well as for the fact that bonus air rights may be acquired from the Metropolitan Transit Authority.
“The site can potentially accommodate a residential development with ground floor retail of potentially 96,000-plus square feet if the District Improvement Fund Bonus (DIB) and Inclusionary Housing Bonus (IHB) are both embraced,” Trans says. She notes that the required per square foot contribution of bonus floor area available through the DIB in the Special Hudson Yards District is $118.59 per square foot.
Attorneys in the transaction were Louis Sherman, Esq., Hofheimer Gartlir & Gross LLP for the seller and Ira S. Nesenoff, Esq. of Nesenoff & Miltenberg, LLP for the buyer.
Alliant Capital completes $24.71M in acquisition loans
Chevy Chase, Md.—Alliant Capital LLC announced the closing of two multifamily acquisition loans totaling $24.71 million. The transactions were originated by Mary Dee Clancy, Alliant’s senior vice president in the Chevy Chase, Md. office.
The loans were closed on April 30, 2013 and structured with 10-year adjustable rate terms.
El Encanto Apartments, located in Sylmar, Calif., is a 171-unit garden style community built in 1985 and offers one-, two- and three-bedroom units. Simpson Apartments, located in North Hollywood, Calif., is a 44-unit garden style community built in 1990. Simpson offers one- and two-bedroom floor plans.