Michael Forrest, David Shorenstein and Peter Vassiliou, seniorassociates in Marcus & Millichap Real Estate InvestmentServices, represented the seller. "This was a very difficulttransaction for Marcus & Millichap to negotiate," explainsForrest. "In fact, a number of banks backed out of this transactionbefore previously scheduled closing dates."

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[IMGCAP(2)]Shorenstein tells GlobeSt.com that the sale wasdelayed for about a year due to the bank withdrawals, which heattributes to the current credit market. He further notes thatthere was tremendous interest in the parcels. "There was a lot ofcompetition."

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

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[IMGCAP(3)]The site allows for the construction of a mixed-usebuilding encompassing approximately 44,300 buildable sf withground-floor retail and luxury condominiums on the corner of East14th Street and Third Avenue. Shorenstein explains that reasons forselling were simply that "the partners wanted to go differentways."

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

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.