NEW YORK CITY—Eastern Consolidated has arranged the sale of a Midtown as-of-right development site, 4-6 West 37th St., for $20 million or $427 per buildable-square-foot. David Schechtman, a principal and executive managing director at Eastern Consolidated, and associate director Steven Zimmerman, exclusively represented the buyer, a New York- and Texas-based hotel developer. John Cirualo, of Massey Knakal Realty Services, represented the seller, the Franco Family.

The site is comprised of two, 43.75-foot wide and 100-foot deep, six-story commercial loft buildings that will be delivered vacant, totaling 46,659 buildable square feet. The property at 4 West 37th St. is 12,120 square feet and 6 West 37th Street is 11,798 square feet. The property is zoned for commercial, hotel, and residential use with the potential for some light manufacturing and community facility use. 

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