Eastern Consolidated closes $56m acquisition of 6 Water St., Manhattan

6 Water St., also known as 32-38 Pearl St., has been acquired by hotel developer McSam Hotel Group, LLC led by Sam Chang. An Eastern Consolidated team orchestrated the transaction: chairman Peter Hauspurg, senior directors Alan Miller, Jeffrey Troy and Ronda Rogovin, and director David Johnson represented the seller, Water & Pearl Land LLC/Water & Pearl Partners LLC, while Miller and Johnson procured the buyer. "David and I originally met with Richard Breton, the owner of 6 Water St., 18 months ago hoping to secure an off-market deal with Sam Chang, who at the time was purchasing more downtown land than any other developer in Manhattan," said Miller. "However, Breton explained that his property could not be delivered vacant for two years and he suggested discussing the idea at a later time." Breton owns 6 Water St. in conjunction with partners Stephen Meringoff and Jay Shidler, According to Johnson, "Breton ultimately hired Eastern Consolidated and although we marketed the site widely, reaching out globally to more than 1,000 investors and developers, Sam Chang still emerged the winner, bidding a record-breaking price of $56 million to acquire the unique 8,300 s/f site fronting three streets, which allows for 125,000 s/f buildable." The site, on the southern tip of the borough, where a confluence of subway trains, offers views of New York Harbor and the Statue of Liberty. Chang's planned boutique hotel will reach between 30-40 stories. Ben Fein, Esq., of Meister, Seeling & Fein LLP represented the seller, while Brian Wrynn, Esq., McSam Hotel Group, LLC acted in-house for the buyer. Founded in 1981, Eastern Consolidated has emerged as one of the country's preeminent full-service real estate investment services firms, combining an unrivaled expertise in the greater New York marketplace with a worldwide roster of institutional and private investor clients. Over the years, it has been responsible for the acquisition, disposition and finance of all types of properties, including office and apartment buildings, lofts, factories, hotels, shopping centers, commercial and residential development sites, taxpayers, parking garages and lots, retail condominiums and air rights transfers.