NEW YORK CITY—Eastern Consolidated has arranged the sale of a three-lot land assemblage in the Rockefeller Center area for $47 million. Targeted for a residential condo tower, the transaction price breaks down to $522 per buildable square foot.
HID Acquisition Group, affiliated with Hidrock Realty Inc., acquired the assemblage—located between Madison Avenue and Fifth avenues—from East 47th Street LLC (City Centre Properties). Eastern was the exclusive agent for the seller, and acted as the sole intermediary in the transaction.
The assemblage consists of three 25-foot-wide lots: 12 E. 48th St.; 14 E. 48th St.; and 13 E/. 47th St. The lots all include existing office buildings, which were delivered vacant and will be demolished. In total, the assemblage allows for 75,300 residential buildable square feet as of right, and a total buildable residential envelope of approximately 90,000 square feet if the development is in compliance with the “recreation facility” bonus in this zoning district.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
