Johnson and Miller of Eastern Consolidated close $12m portfolio

In an off-market transaction, which achieved a benchmark price of $500 per s/f, a four-building package of properties located at 197-199 Tenth Ave. (aka 500-504 West 22nd St.) has just traded for $12 million. Eastern Consolidated's director David Johnson with senior director Alan Miller procured the buyer, Peter Moore of PMA Associates, while the seller, The Wynne Family, acted on its own behalf. The property, zoned as of right residential and hotel, consists of four buildings located on a common tax lot approximately 50 X 100 feet and allows for 25,000 buildable s/f with 50 ft. of frontage directly adjacent to the High Line. Jonathan Morse, Esq. represented PMA Associates. Founded in 1981, Eastern Consolidated has emerged as one of the country's preeminent full-service real estate investment services firms, combining an unrivaled expertise in the greater New York marketplace with a worldwide roster of institutional and private investor clients. Over the years, it has been responsible for the acquisition, disposition and finance of all types of properties, including office and apartment buildings, lofts, factories, hotels, shopping centers, commercial and residential development sites, taxpayers, parking garages and lots, retail condominiums and air rights transfers.