ROCKEFELLER CENTER AREA DEVELOPMENT PARCEL SELLS FOR $47M

NEW YORK CITY — Eastern Consolidated has arranged the sale of a three-lot land assemblage in the Rockefeller Center area of Midtown Manhattan. HID Acquisition Group, affiliated with Hidrock Realty, acquired the property, which is targeted for residential condo development, for $47 million or $522 per buildable square foot. The assemblage consists of three 25-foot-wide lots: 12 East 48th Street, 14 East 48th Street and 13 East 47th Street. The assemblage allows for 75,300 residential buildable square feet as of right and a total buildable residential envelope of approximately 90,000 square feet if the development is in compliance with the recreation facility bonus in the zoning district. HID Acquisition plans to raze the three existing vacant office buildings and develop a 31-story residential tower on the East 48th Street entrance. The project will include a mix of studio units, one- and two-bedroom apartments and amenities, specifically targeting the international pied-a-terre market. R. Stuart Gross of Eastern Consolidated represented both the buyer and the seller, East 47th Street LLC (City Centre Properties), in the transaction. Morris Missry of Wachtel Missry LLP was the attorney for the buyer, and Peter Koffler of Venable LLP was the attorney for the seller.