NEW YORK—Lalezarian Properties, based in Lake Success, N.Y. has paid approximately $21.3 million to acquire a development site in New York City’s Hudson Yards Special District located at 511-515 West 36th Street. The site is currently occupied by a six-story loft building comprised of approximately 38,000 sq. ft.

Eastern Consolidated’s Nancy Tran, associate director, represented the seller, National Acoustics, while Azita Aghravi, senior director, procured the buyer.

“The site can potentially accommodate a residential development with ground floor retail of potentially 96,000+ sq. ft. if the District Improvement Fund Bonus (DIB) and Inclusionary Housing Bonus (IHB) are both embraced,” said Tran. 

Attorneys in the transaction included Louis Sherman of Hofheimer Gartlir & Gross LLP who worked for the seller and Ira S. Nesenoff of Nesenoff & Miltenberg, LLP, who worked for the buyer.