Miller, Obeid and Fu of Eastern Consolidated complete $4.9m sale

In a deal that was transacted virtually in minutes over the telephone, with neither broker nor buyer having viewed the property, the land parcel at 397-401 East 8th St. traded for $4.9 million to Sam Chang of McSam Hotel Group. As opposed to a hotel, McSam plans to construct a six-and-a-half-story residential condominium on the site, mimicking another residential condo he built years ago, also in the East Village, on the corner of Ave. D and East 5th St., which sold out at warp speed. Eastern Consolidated's Alan Miller, senior director, acted on behalf of the seller, Sam Obeid who owns and operates Key Food, while Eastern's Charlotte Fu, associate, represented the buyer, Chang. "I saw the listing and immediately realized, given its location and its 4,313 s/f size, that the parcel would be ideal for another McSam condo," said Fu. Miller said, "The plot allows for a 20,000 s/f ground-up project. "I called Sam Chang right away, and based on our track record in having transacted so many deals in the past, he trusted our judgment and asked us to quickly proceed with the acquisition," said, Fu. "The whole thing took place so rapidly, that none of us even had an opportunity to view the site," Fu, said. Saree Ptak, Esq. represented the seller, while Brian Wrynn, Esq. acted in-house for the buyer.