The Amirian Group acquiring is set to convert a Flatiron District office building into a luxury residential building.
Eastern Consolidated arranged the sale of 117-119 West 21st Street, a vacant, mid-block commercial building, to Amirian for $28.5 million.
Brian Ezratty, principal and vice chairman at Eastern Consolidated, arranged the transaction on behalf of the seller and procured the purchaser.
David Amirian, principal of The Amirian Group, will redevelop the four-story building into a luxury residential building featuring one townhouse triplex unit, six full-floor units, and two duplex penthouses.
Amenities will include five on-site parking spots, with one dedicated solely to the townhouse unit.
“The gut renovation of this property into high-end condos will tap into the area’s strong residential market, where prices have escalated from $1,500 to 2,500 and 3,000-per-square-foot,” said Ezratty.
“Sales have skyrocketed in this neighborhood and The Amirian Group is perfectly situated to deliver an attractive, boutique offering along this great block.”
The building is next to the newly-built Indigo condominium and across the street from UDR’s 210-unit apartment building known as 21 Chelsea, down the block from the new Chelsea Green condominium; and diagonally across from The O’Neil Building, a condo and apartment building.
Manish Majithia facilitated the equity for The Amirian Group. Richard Horowitz, of Cooper Horowitz, brokered the Acquisition and Construction financing. Andrew Albstein and Rob Loshiavo of Goldberg, Weprin, Finkel, Goldstein were the attorneys for the seller, while Matt Kasindorf and David Moss of Meister Seelig & Fein were the attorneys for The Amirian Group.
Additional development projects in New York City for The Amirian Group include the recently completed Robyn at 316 East 3rd Street with Wonder Works Construction, 540 West 49th Street with Fortis Property Group and Wonder Works Construction Corp., 436 and 442 East 13th Street with Bridgeton Holdings, and a townhouse in Greenwich Village