Sales Beat

Tribeca Mixed-Use Building Sells for $8.5M

90 Chambers Street. (PropertyShark)

Claude Castro LLC has acquired 90 Chambers Street in Tribeca from 90 Chambers Street Realty LLC for $8.5 million, Commercial Observer has learned. The building traded for $1.25 million less than its initial asking price in a 1031 exchange.

The property is located between Broadway and Church Street and includes five free market residential units and a ground-level retail unit. One of the building’s four-bedroom apartments last rented for $7,795 last year, according to StreetEasy. The building’s retail unit, which was occupied by Jerry’s Cafe until last September, is currently vacant. Read More

Vacant Village

Series of High-Profile Retail Closures in Village Points To Momentarily Stark Reality

Shuttered location of Pet Central  at 237 Bleecker Street (credit: Lauren Elkies Schram)

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. Read More

Sales Beat

Sitt and Ashkenazy Team Pays $48 M. for 711 Madison

711 Madison Avenue

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

Sales Beat

Adjacent Tribeca Retail Condos Sell for $8.35 Million

The Harrison

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. Read More

Sales Beat

Global One to Re-position Marble Hill Projects


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

On the Market

Eastern Markets $9.8 Million UES Mixed-Use Building

168 East 66th Street

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. Read More


Broker Accused of Sending Masturbation Video to Teenage Intern


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

ICSC 2013

Retail on the Rebound: Spirits High at ICSC Event

(Credit: LeVar Thomas)

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


Midtown Wears Crown as Nation’s Priciest Market


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. Read More


Eastern Consolidated Markets Two-Unit Retail Condo Package At 120 Riverside Blvd.

Trump Place (Credit: Trulia)

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.  Read More

The Polsinelli Report

Post Super Bowl: Six Tips to Ensure Success on the Field

Adelaide Polsinelli Headshot2

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. Read More