Atlas Capital led by Jeff Goldberger and Andy Cohen have just acquired 311-319 West 43rd Street, a 14-story, 100% occupied office building strategically located between Eighth and Ninth Avenues, for $62.4 million. Eastern Consolidated chairman and CEO Peter Hauspurg with vice chairman Brian Ezratty and director financial services Scott Ellard represented the seller Zubarry Associates, while Ezratty also procured the buyer, who assumed the seller's mortgage in the form of a securitized loan. "We had to act quickly, since the buyer was obliged to close the transaction by year end within 45 days," said Ezratty, who said that the property's close proximity to Times Square, it's current cash flow, potential for rental increases when leases expire, as well as its upscale international Chinese restaurant retail tenant, were all drivers in attracting Atlas.
Attorneys in the transaction were Andy Herz Esq. of Patterson Belknap for the seller and a Rob Ivanhoe-led team from Greenberg Traurig for Atlas. Tags: