Eastern Consolidated senior director Jeffrey Troy, directorAliza Avital and executive managing director Stuart Gross, whorepresented the sellers of the two parcels and procured thepurchaser, tells GlobeSt.com exclusively that this deal has been inthe works for some time now. "Our exclusive with the seller beganin 2005," Gross notes. "It was difficult to find a buyer because ofthe necessities that were required to develop on two neighboringblock-through parcels, such as a required courtyard and otherregulations making the layout more complicated."

He explains that although plans and approvals are beingfinalized, the development potential for this site that the newowner intends to utilize include 65,000 sf of ground-floor retailmixed with residential components above, as well as 23,000 sf ofparking, mechanical and recreational space below, however "thebuyer had a year long structured deal in place in order to workthrough the approval issues for developing on these two parcels,"Gross adds.

"The owners were longtime users of the property and were closingtheir business to move on to other things," Gross explains. RaemChambers Street was the seller of 91-93 Chambers St., which is aone-story 4,950-sf building and parking lot, which togethercomprise 7,793 sf. Rae-me Realty Corp. was the seller of 95Chambers St., an irregular shaped parcel with 27 feet of frontageon Chambers Street. The site formerly accommodated the well-knownRalph's Discount Store.