In a transaction that will result in the construction of a new 185,000 s/f residential rental and condominium development in West Chelsea, Jay Furman, Ron Moelis, and Erik Ekstein, New York City based developers, have acquired 537-545 West 27th St., next to the High Line. The transaction was valued at $42 million. Eastern Consolidated executive directors Eric Anton and Ronald Solarz with director David Schechtman, represented the Cirillo family in the sale of the property situated on the north side of 27th St. between 10th and 11th Aves. Eastern's director Benjamin Tapper procured the buyer and associate Danny Volk and financial analyst Paul Nigido assisted. The site, which now allows for 125,000 s/f as of right, is currently occupied by a government owned and operated parking lot and a small two-story building constructed in 1964. Attorneys were Steven Nachman, Esq., who negotiated for the buyers and Simon Cices, Esq., of Troutman Sanders who represented the seller.