The site currently accommodates a six-story building that is100% occupied by commercial tenants, providing the new buyer anincome stream pre-development. A source close to the sale tellsGlobeSt.com that they cannot disclose any information on the buyer;however, the seller is locally based Nelson Tuchman of the Tuchmanfamily.
Locally based Eastern Consolidated associate Anna Ronquillorepresented the seller while Azita Aghravi, senior director,procured the buyer. "The existing building at 18,000 sf is underbuilt; the site allows for a development of close to 39,500sf--ideal for a boutique hotel," Ronquillo says.
Ronquillo tells GlobeSt.com that as built, the price per sf is$581 with 21,500 sf. "Developing a new 39,500-sf hotel, plus orminus, would result in the utilization of unused air rights andwould create value for the property," she says. "Hotel market inthe area is underserved."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
