Real estate owners and developers Alfa Development and Park-It Management have snagged a development site in at 117-119 West 21st Street in Chelsea for $12 million, where they plan to construct a high-end residential development, The Commercial Observer has learned.
The site is currently occupied by a four-story vacant warehouse with 44 feet of frontage and Read More
Growing up in the Hasidic community of Midwood, Brooklyn, Lipa Lieberman noticed early on that his most successful neighbors owned real estate.
“Real estate was always in the back of my mind,” said Mr. Lieberman, 33, a senior director at Eastern Consolidated. But before he entered the industry, Mr. Lieberman earned a bachelor’s degree in Jewish studies at Rabbinical College of America and attended the Central Tomchei Temimim Lubavitch, where he was ordained as a rabbi.
“You’re ordained because you study Jewish law in college and then take the rabbinical equivalent of the bar exam,” Mr. Lieberman said. “You don’t necessarily do it to practice in a synagogue.” Although he never led a congregation, Mr. Lieberman’s religious background—he’s a member of the Chabad sect and spent time abroad at a Chabad center in Venice, Italy—did inform his secular career choice.
Eastern Consolidated is exclusively marketing the sale of 334-336 West 46th Street, which will be listed at a bankruptcy auction sale on June 4, 2013 with a starting all-cash bid of $9.25 million, The Commercial Observer has learned.
The two adjoining four-story mixed-use buildings include 10 residential rental units and one commercial unit spread over a total 9,299 square feet. The ground floor retail is currently occupied by the Irish pub O’Flaherty’s, whose lease expires next year. The property is the subject of a Chapter 11 bankruptcy bearing case.
Eastern Consolidated Director Gabriel Saffioti, Executive Managing Director David Schechtman and Director of Financial Services Gary Meese are marketing a $4 million, 5,500-square-foot residential parcel at 170-174 West Street in Greenpoint, The Commercial Observer has learned.
The property allows for roughly 18,810 square feet of buildable space between three tax lots. It also includes a 3,960-square-foot inclusionary housing certificate from the Department of Housing Preservation and Development. Mr. Saffioti said the buildings would likely rise five or six stories and include either 18 or 21 units with rents at $55 per square foot.
DelShah Capital has acquired 58-60 Ninth Avenue in the Meatpacking District for $18.2 million, it was announced yesterday.
“We knew the tenant was leaving and that this was a very high-traffic space,” Michael Shah, principal at DelShah Capital, told The Commercial Observer. “We saw it as an opportunity to re-lease the space.”
On the Market
A 12,600-square-foot retail condominium at 62-66 Thomas Street in Tribeca, home to upscale Japanese restaurant Megu, is on the market after a price reduction and company buyout aimed at expanding the brand worldwide.
The price was reduced to $14.7 million from $16.8 million, as a new ownership group forges big plans for the brand, sources tell the The Commercial Observer.
Even as commercial real estate prices have improved and banks have swiftly moved troubled loans from their books, the phenomenon of distressed note sales has continued unabated.
According to data from Real Capital Analytics, the volume of newly distressed commercial properties dropped to $12.4 billion for the fourth quarter of 2011—a figure that, as the firm pointed out in its February 2012 Troubled Assets Radar report, is the second lowest level seen in two years.
The Commercial Observer has learned exclusively that the retail condo at 66 Leonard Street has traded for approximately $6.5 million. Eastern Consolidated principal and executive managing director David Schechtman and senior director Lipa Lieberman represented the seller and procured the buyer, Mr. Schechtman said.
Ashkenazy Acquisition Corp.—which is led by CEO and chairman Ben Ashkenazy Read More
On the Market
A Soho space that rents to Nike, among other high-end retailers, is on the block and expected to fetch $18 million or above, sources told The Commercial Observer today.
Last Friday David Schechtman of Eastern Consolidated listed 57-63 Greene Street. In fact, the listing went public around mid-day. By yesterday morning, however, he’d received more than 260 calls from prospective buyers all across the city for the Soho retail condo.
He will offer the 13,721-square-foot condominium for $19 million with his Eastern Consolidated colleagues Peter Hauspurg, Lipa Lieberman, Marion Jones and Gary Meese, he said yesterday.
To say David Schechtman set the bar impossibly high as a first-year broker for Eastern Consolidated may have been the understatement of 2005.
That was the year Mr. Schechtman, fresh off a five-year stint as a litigator, entered a $215 million deal on behalf of a major New York City hedge fund Read More