Eastern Consolidated closes deals

Real Estate Weekly, June 19, 1991

Eastern Consolidated closes deals

Eastern Consolidated Properties, reported closing the following investment-grade property sales transactions since March.

*300,000-square-foot commercial loft building in Manhattan in the Garment Center

*16,000-square-foot assemblage for residential development on Houston Street

*40,000-square-foot headquarters to be the new home of the Firefighter's Union on East 23rd Street in Manhattan

*20-year net lease of two garage properties on Fifth Avenue

*A 51-unit apartment building on Pinehurst Avenue in Manhattan

*A 37-unit apartment building with five stores on Greenwich Avenue in Manhattan

*120,000-square-foot shopping center in Atlanta, Georgia

*96,000-square-foot shopping center in Kentucky

*11,000-square-foot vacant lot on West 23rd Street in Manhattan.

"This shows deals of substance are in fact being done and that professional investors are beginning to sense that real bargains are starting to appear", said Daun Paris, executive vice president of Eastern Consolidated Properties, the New York-based national real estate sales brokerage.

"More significantly", she added, "the lenders are returning to the marketplace. The major difference today is that they are requiring real equity in each transaction. However, since the prices are way down, there are actually substantial returns on equity available.