<$BlogRSDUrl$>

Monday, January 29, 2007


CHANGING 8TH AVENUE 

MORT'S PIECES OF 8TH By STEVE CUOZZO - Business - New York Post Online Edition

Steve Cuozzo notices that exciting developments on 8th Avenue in NYC.

SCORE one for Boston Properties.

The publicly traded giant led by Mort Zuckerman is tying up a spectacular assemblage that paves the way for a new, 850,000-square-foot office tower in the heart of fast-changing Eighth Avenue.

Boston, in a joint venture with Robert Gladstone's Madison Equities, just bought 247-259 W. 54th St. from a local family for $38.75 million.

The unexpected deal, brokered by Eastern Consolidated's Brian Ezratty and Scott Ellard, adds to an already impressive package Boston has been working on since early last year - the entire east blockfront of Eighth Avenue between 54th and 55th streets.

The eight-story, 97,679 square-foot address is home to the N.Y. State Department of Labor, which is expected to move out. Ezratty earlier negotiated the buyout of a sound studio in the building.

The property is immediately adjacent to two parcels on the avenue that Boston and Gladstone are also buying.

One is an empty lot owned by Hearst Corp. and the other a row of vacant tenements owned by the Wong family. Both of those purchases are expected to close within the next few weeks.

Without the side street purchase, Boston could only have built around 700,000 square feet.

|




This page is powered by Blogger. Isn't yours?