Johnson, Solarz and Anton of Eastern Consolidated broker two sales - $66m

Entertainment artist Jay-Z has earmarked a High Line development site as the location for J Hotel, an upscale five-star 150,000 s/f luxury hotel, the flagship for his new hospitality brand, which he intends to roll out in select cities following this New York debut. J Hotel will be located in the gallery district between Tenth and Eleventh Aves. at 510 West 22nd St., also known as 511 West 21st St. It will be a new addition to the High Line neighborhood. Eastern Consolidated director, David Johnson, with executive directors, Ronald Solarz and Eric Anton exclusively represented the seller of the prime block-thru site, a long-term owner, and Solarz and Anton also procured the buyers. The site was purchased by Blaichman of CB Developers and Shnay, along with son Scott Shnay, of SK Development Group in two separate transactions, namely the acquisition of the base site for $51 million, followed by the acquisition of the air rights for $15.4 million, totaling $66.4 million. Eastern Consolidated executive directors, Ronald Solarz and Eric Anton, with senior director, Alan Miller, represented the seller of the air rights. "West 22nd St., between 10th and 11th Ave. is arguably the heart and soul of the West Chelsea high line district and is a perfect location for an upscale life style-oriented five star hotel," said Solarz. Johnson said, "We were able to obtain a benchmark price for M-zoned land in the High Line district." Currently the site is occupied by a five-story 88,000 s/f warehouse and parking facility net leased to Time Warner Cable, Inc., which will vacate. Joseph Hershkowitz, Esq. of Frenkel, Hershkowitz & Shafran represented the seller, and the buyers were represented by Larry Drath Esq., of Holman & Drath LLP.