Eastern Consolidated's Schechtman, Anton and Solarz, broker $10m sale

In another sale that confirms how sought-after the far west side of Manhattan has become, a former auto garage, now operating as an auto detailing shop, at 516-518 West 27th St., has traded for $10 million. The new owner plans to erect a boutique hotel on the 5,000 s/f site, which is situated on the southern stretch of West 27th St. often referred to as "Club Land." Eastern Consolidated's director David Schechtman, Esq, with executive directors Eric Anton and Ronald Solarz represented the seller, long-time private family owner, the Griecos, while Eastern's Martin Ezratty, director, acted for the buyer, Manhattan-based developer W. 27th Blackhouse LLC. "Yet again, a site in the High Line district has fetched an amazing sum," said Schechtman. "The sales price translates to $405 per s/f, a huge number, but totally in accordance with market demand." Ezratty, said, "At 50 by 90 ft., the site allows for a 24,686 s/f new development and my client has determined that a boutique hotel is the highest and best use." Attorneys in the transaction were Greenberg Traurig who represented the buyer and David Techlin, Esq. who represented the seller.