In the world of real estate, as in life, perception is in the eye of the beholder.
The retail market in the West Village and Greenwich Village is no exception, as neighborhood staples close due to rising rents, leaving spaces vacant and landlords searching for high-rent-paying tenants. While neighbors may find the shuttered shops to be eyesores and longtime retail tenants may find the skyrocketing rents unfair, many brokers leasing those spaces are saying it’s due to a hot market and the changing nature of the neighborhood.
Sitt Asset Management and Ashkenazy Acquisition have purchased a mixed-use, five-story property at 711 Madison Avenue for $48 million.
The property is anchored by international women’s retailer Roberto Cavalli, which is in the midst of capital improvement program that is nearing completion and will double its space across the ground and second floors to 3,200 square Read More
Eastern Consolidated sold two Tribeca retail condominiums housing popular restaurants, The Commercial Observer has learned.
Adelaide Polsinelli, a senior director at the firm, represented the seller, LaGuardia Tribeca Associates, LLC in the sale of the adjacent 355 and 361 Greenwich Street for $8.35 million. The properties house The Harrison and Tablao restaurants, respectively. Ms. Polsinelli also procured the purchaser, a local investor.
On the Market
Global One Real Estate Fund, led by Robert Nelson, has partnered with NYAH Preservation Fund for the $18.5 million purchase of Promenade Apartments, a 318-unit, 32-story residential Mitchell Lama project in Marble Hill, where the developer plans an extensive re-positioning.
Global One focuses on infrastructure improvements and replacing outdated building systems, said Eastern Consolidated Senior Director Read More
A four-story mixed-use Upper East Side building is on the market for $9.8 million, The Commercial Observer has learned.
The 5,309-square-foot property at 1128 Third Avenue (aka 168 East 66th Street) is anchored by a ground-floor Starbucks. Current commercial tenants also include Tao Yoga & Tai Chai and a third-floor office user. In addition to the three commercial spaces, the building holds one residential apartment on the fourth floor.
Though the city lost hundreds of millions of dollars in tourism revenue following the terrorist attacks of Sept. 11, 2001, a steady rebound in tourism and the closely tied retail market has occurred, perhaps best personified by the rebirth of Lower Manhattan.
“There’s a lot going on Downtown that shows it is stronger and better Read More
On the Market
A lifelong New Yorker and 27-year veteran of the real estate industry, Adelaide Polsinelli jumped from her role as associate vice president at Marcus & Millichap to a senior director position at Eastern Consolidated in March 2012. At Eastern, Ms. Polsinelli focuses on a broad range of investment opportunities, and in her 18 months there Read More
In yet another potential Harlem transformation, a 30,000-square-foot development site is for sale for $5.9 million at 2202-2210 Third Avenue.
Eastern Consolidated is marketing the location on the corner of Third Avenue and 120th Street. A three-story retail building on the site is occupied by Rent-A-Center through 2015.
Eastern Consolidated is suing former associate broker Robert Khodadadian, claiming he violated company policy when he allegedly messaged a cellphone video of himself masturbating “to conclusion” to a teenage intern.
Mr. Khodadadian allegedly sent the (faceless) video to the female intern on April 24, two days before the Manhattan-based commercial real estate firm canned him Read More
In 2009 and 2010 “you could have rolled a bowling ball down the aisle” at the International Council of Shopping Centers’ RECon conference “and it wouldn’t have hit anybody,” Massey Knakal executive vice president of retail leasing Benjamin Fox told The Commercial Observer.
But when an estimated 33,000 real estate professionals converged upon one million Read More
A long list of attractions draws cash from all corners of the world to the money pit that is Midtown Manhattan, making it among the most expensive markets in the world.
Midtown’s continued popularity comes thanks to a tourism boom and high demand for commercial real estate that have blossomed post-recession, creating a melting pot of cultures—and cash.
“It’s like a small city within the city,” said Adelaide Polsinelli, a senior director at Eastern Consolidated.
The Polsinelli Report
Eastern Consolidated is marketing two Upper West Side retail condominiums for $5.75 million, The Commercial Observer has learned.
The retail condos are on the ground floor of Trump Place at 120 Riverside Boulevard, an 18-story, 297,850-square, 277-residential unit tower.
Senior Director Adelaide Polsinelli, Associate Director Robert Khodadadian and Director of Financial Services Gary Meese are leading the marketing initiative, which extends to a five-story brownstone apartment building farther uptown at 310 West 109th Street priced at $2.9 million.
The Polsinelli Report
If you think the Super Bowl is only about football, think again.
A broker friend of mine, who had little, if any, interest in the game of the year, decided to take heed of some of the comments shouted by the armchair quarterbacks gathered in front of the screen. He realized that there was a similarity between the game and his professional life in real estate.
He was able to see the entire playing field, without the personal attachment to a particular team. This enabled him to peel away some valuable lessons from the fumbles and apply the strategies to his real estate presentations.
After the breathtaking whirlwind of record-breaking deals of 2012, it was easy to get caught up in the heady romance of real estate. However, times like these are opportunities to find the kernels of significant lessons in all that transpired.
One noteworthy occurrence that happened frequently was the old “kiss and tell” routine.
Eastern Consolidated has arranged the sale of a 1,500-square-foot retail condo at 119 Chambers Street, currently occupied by high-end designer thrift shop Housing Works, for $2.5 million, The Commercial Observer has learned.
The condo, located in TriBeCa’s densest retail thoroughfare, features a 1,500-square-foot street level space, with 25 feet of retail frontage, and a renovated 1,500-square-foot basement.