Featured Projects

HACELS

Location: Manhattan, New York
Client: HACELS, Inc.
Services: Project Feasibility, Proposals & Transactions

Washington Square Partners was retained by HACELS Inc, an affiliate of Local 6, Hotel, Restaurant and Club Employees Union to evaluate their options for replacing their existing office and retail space currently located in the building they own on Eighth Avenue between 46th and 47th Streets. As part of this work, Washington Square Partners managed the work efforts of Spacesmith to evaluate HACELS space needs. HACELS financial needs also included maintaining an ongoing cash stream. Based upon these needs and a zoning analysis of the site, Washington Square Partners assessed the development potential of their property and advised HACELS on a strategy for approaching the market for redevelopment of their site.

Washington Square Partners authored an RFP which was issued to the development community. The RFP allowed developers to submit under one or both of two development options that provided HACELS with their required space needs and an ongoing revenue stream. Washington Square Partners then negotiated with the short-listed developers on behalf of HACELS.

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