Real Estate Industrials Sells Residential Development for $23.5M

Fortis Acquires 101,000-SF Block Through Site Located in Midtown Manhattan

Real Estate Industrials, Inc. sold six parcels on the far west side of Midtown Manhattan for $23.5 million.

This sold as an as-of-right buildable residential development opportunity, situated two blocks from the Air and Space Museum. The properties were purchased by a partnership between veteran builders, Fortis Property Group and the Listokin family, who have developed a successful ground-up, high-end residential condominium, The Hudson, about 12 blocks further north.

The deal totals 100,716-square-feet and includes: 542 W. 49th St., a 2,500-square-foot auto repair shop; 540 W. 49th St., an 8,428-square-foot parking garage; and a parking lot at 545-551 W. 48th St.

Alan Miller and David Schechtman, Esq. of Eastern Consolidated represented the seller, and procured the buyer as sole broker in the sale.

Please see CoStar COMPS #2318535 for more information on this transaction.

CoStar, By Karen Kester – June 6, 2012