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NEW YORK CITY-In an off-market transaction, which achieved a benchmark price of approximately $500 per sf, a four-building package of properties located at 197-199 Tenth Ave. The properties also known as 500-504 W. 22nd St. has traded for $12 million.

Eastern Consolidated’s director David Johnson together with senior director Alan Miller procured the buyer, Peter Moore of PMA Associates, while the seller, the Wynne Family, acted on its own behalf in the transaction. “PMA Associates is currently evaluating its options of constructing a brand new luxury boutique hotel, a condominium or a combination of both with high-end retail on the ground floor,” Miller says.

“What’s significant is that this property obtained such a high price per sf,” Johnson says, “reconfirming that the High-Line continues to be one of the most sought-after redevelopment areas in Manhattan.”The property, zoned as of right residential and hotel, consists of four buildings located on a common tax lot approximately 50 feet by 100 feet and allows for approximately 25,000 buildable sf with 50 feet of frontage directly adjacent to the High Line.

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