Torresco Realty is a proud broker participant in the mammoth development known as East River Plaza- a 500,000 s.f. retail center overlooking the FDR Drive. The “big box” retail marked its success by the landmark grand opening of Costco in November 2009 with Target, Best Buy, Marshall’s and Old Navy slated for occupancy in the near future.
East River Plaza is overwhelmingly constructed on land formerly occupied by the “Washburn Wire Factory”- an obsolescent manufacturer shuttered decades prior to the developer’s acquisition. The footprint spanned from the north side of East 116th Street to the south side of East 119th Street- bordered by a handful of M-1 zoned occupied buildings- considered out parcels necessary to the assemblage.
In the initial planning stage for the first “big box” retail in Manhattan, the project's scale was politically sanctioned but froth with community opposition. All of the “out parcel” owners were resistant to discussion no less negotiation for the sale and relocation of their establishments.At this juncture, Torresco Realty was engaged by the owner/developer to assist in assembling the additional outparcels required to conclude their development plan. Spanning five years of negotiations Torresco was ultimately able to deliver the sale of 506-08 East 118th Street and 528-34 East 119th Street successfully adding approximately 50,000 additional square feet to the overall assemblage.
Torresco Realty LLC was the sole broker in the indicated assemblage transactions.
*See articles published by The Mann Report and Crain’s NY Business in our In The Media Section.