Aghravi and Nigido of Eastern Consolidated broker $26.5m sale of 313-321 West 37th St.

Eastern Consolidated negotiated the sale of a West Side Garment Center commercial property that fetched a sales price for $26.5 million - a number that underscores how hot the investment sales climate is in New York City for well-located properties zoned residential as of right. Eastern's Azita Aghravi, senior director with financial analyst Paul Nigido exclusively represented the seller, a partnership, which has large real estate holdings throughout Manhattan and in New York. Aghravi also procured the buyer, a seasoned real estate family who had a 1031 exchange requirement. The eight-story, pre-war 70,000 s/f office building is situated at 313-321 West 37th St., in the newly-zoned Hudson Yards area. "The existing mortgage on the property has to be assumed, and that made it an ideal candidate for a 1031 exchange buyer due to the large cash requirement," said Aghravi. Aghravi, said, "Given the current strength of the office market, the new buyer plans to continue operating the building as an office property until the leases expire. However, he has the long-term option of converting it to residential in the future." David Galanter, Esq. of Goldberg Weprin & Ustin represented the seller, while Gary Strauss of Gerstein, Strauss & Rinaldi LLP acted for the buyer.