Investor purchases 260 West 39th Street

Real Estate Weekly, July 21, 1993

Eastern Consolidated Properties Inc. announces the sale of 260 West 39th Street, a 155,000-square-foot loft building in the heart of the Garment Center. Brian Ezratty, senior vice president at Eastern, represented the seller ITL-SUD Inc., a subsidiary of Barclay's Business Credit, on an exclusive basis. The property was brought to the market after Barclay's took back the asset through a recent foreclosure. During their ownership the property was repositioned bringing the occupancy level up to approximately 90 percent.

Ezratty also procured the purchaser, West 39-260 Realty Co., who is an investment client of the firm and a local operator who owns similar properties in Manhattan. The deal closed at $5.6 million.

The lack of conventional financing for these types of properties made the transaction much more difficult to close. Ezratty previously had a contract in place but the purchaser was unable to secure financing in a timely manner. Eastern had marketed the property for over a year before the sale was successfully concluded.

Barclay's Business Credit, the seller was represented by Laurie Nelson and Alan Lebowitz of Davidoff and Malito.

Jerry Segal of Siegal, Goodman and Goodman represented the purchasers who plan to maintain the purchasers who plan to maintain the property as a specialty building for grament and textile companies.