In 2006 Torresco Realty LLC was engaged as exclusive broker to market 6 parcels which ultimately became the lion share land assemblage under what is now Hunter College School of Social Work-East Harlem.
After a spirited marketing effort throughout 2006, Torresco located a buyer for the original 6 parcel assemblage contingent upon simultaneously signing an acquisition contract for the purchase of 165-7 East 118th Street- owned by an outside entity. East 118th Street was the linchpin offering an additional 12000sf of land and an all important easement/egress for the adjacent pieces in the overall assemblage. Faced with the possibility of losing the 6 building deal because of the one additional property required, Torresco approached the East 118th Street owner who was adamantly opposed to selling under any circumstance. By the end of 2006, all efforts to control 165-7 East 118th Street had failed as did the contract of sale for the 6 building development site.
“As of Right” FAR- 176,577sf. Land Footprint-38,554sf.
Torresco’s exclusive was set to expire at years end coupled with owners reluctance to re-market- the stage was set for the transaction to fall apart. However, in early 2007 all this would change within the confines of one phone call. The owner of East 118th Street-the holdout-engaged Torresco as his broker to control the purchase of the adjacent assemblage now deemed off the market. Subsequent to several months of negotiations, our client (buyer) entered into a purchase contract (June 2007) carved with exceptional terms and conditions. The $11,600,000 purchase contract provided for a one year closing (July 2008) with full assignment to a third party which would allow the further strategy of locating an ultimate developer/ purchaser. Once coupled with 165-7 East 118th Street-the assemblage became a prime purchase. Our client then revealed that all his actions to date had been emotionally driven. It was his personal vision to leave a legacy behind on this land. The advent of CUNY’s interest in moving the School of Social Work to this location brought the contract vendee’s vision to life.
At the request of the contract vendee/East 118th Street seller, after negotiating the underlying flip contract , Torresco remained involved in the secondary sale process acting as advisory consultant. Although Torresco’s involvement in this transaction ended in 2008, we have chosen to feature this in 2011 to mark the opening of Hunter College School of Social Work and to mark the pride in having assembled the original land transaction.
Flip Deal Closed/Re-conveyed: 2008 CUNY Broke Ground: 2009 Grand Opening: 2011