Shorenstein tells GlobeSt.com that the sale was delayed for about a year due to the bank withdrawals, which he attributes to the current credit market. He further notes that there was tremendous interest in the parcels. "There was a lot of competition."

Bids were originally due by Feb. 17, 2006, GlobeSt.com learned from the marketing brochure. "Eventually, we were able to broker a sales price that satisfied the buyer, seller and the lender," Forrest says. "Given the current state of the credit markets, this sale is a testament to the buyer's creativity and persistence in securing favorable debt and equity terms in this tumultuous market."

The site allows for the construction of a mixed-use building encompassing approximately 44,300 buildable sf with ground-floor retail and luxury condominiums on the corner of East 14th Street and Third Avenue. Shorenstein explains that reasons for selling were simply that "the partners wanted to go different ways."

He adds the buyer was attracted to the site mainly for the retail aspect, adding that the buyer already had a presence on 14th Street. Located at 123 Third Ave. and 206 East 14th St, the properties are just a short walk to shops, restaurants and several subway lines.

Instant Insights /

Development Site Sale Allows for MXD Build

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