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NEW YORK CITY-A former auto garage, now operating as an auto detailing shop, at 516-518 W. 27th St., has traded hands for $10 million. The new owner plans to erect a boutique hotel on the approximate 5,000-sf site, which is situated on the southern stretch of West 27th Street on Manhattan’s west side.

Eastern Consolidated’s director David Schechtman with executive directors Eric Anton and Ronald Solarz represented the seller, long-time private family owner, the Griecos, while Eastern’s Martin Ezratty, director, acted for the buyer, locally based developer West 27th Blackhouse LLC. Attorneys in the transaction were Greenberg Traurig who represented the buyer and David Techlin, who represented the seller.

“Yet again, a site in the ‘High Line’ district has fetched an amazing sum,” notes Schechtman. “The sales price translates to $405 per sf, a huge number, but totally in accordance with market demand.”

Schechtman tells GlobeSt.com that the seller is selling because “it’s a favorable market.” He adds that the buyer was attracted to the site because “with all the art galleries and restaurants in the area, the site is ripe for hotel development.”

Ezratty agrees that at 50 by 90 feet, the site allows for a 24,686-sf new development. “My client has determined that a boutique hotel is the highest and best use.”

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