Lease Beat

Baranzelli Silk Surplus Weaves Its Way To 238 East 58th Street

231 East 58th Street

The East Side fabric and furniture staple Baranzelli Silk Surplus is on the move from 938 Third Avenue after signing a lease for 417 square feet at 238 East 58th Street.

Dean Valentino, a managing director at ABS Partners Real Estate, LLC represented the tenant and landlord.

“The owner made the decision to consolidate from the old space–which was a couple thousand square feet–and build its internet business as well as a more comfortable showroom for highlighted fabrics,” Mr. Valentino said. Read More

Sales Beat

The Fine Arts Building in Midtown East Sells for $34 M.

The Fine Arts Building

Members of the Battaglia family have sold The Fine Arts Building located at 232-236 East 59th Street for $34 million, the first sale of the building since the local investors purchased the building in the 1950’s, The Commercial Observer has learned.

The six-and-half-story building, located on the south side of 59th Street and between Second and Third avenues in Midtown East, features 75 feet of frontage along East 59th Street. Read More

Obituaries

Sherman Cohen, Real Estate Developer Who Transformed Third Avenue Into Residential Destination, Dies at 91

Sherman Cohen

Sherman Cohen, the real estate developer who propelled Cohen Brothers Realty & Construction Corporation into the ranks of the city’s top development firms, has died.  He was 91.

Mr. Cohen, known for his quick wit and sharp dress, founded the company with his two brothers in 1959, later building it into a New York City mainstay along with his son, Charles Cohen.

“It’s the end of an era,” Charles Cohen said about his father.  “He pioneered new neighborhoods and improved the quality of life in so many communities across the city.  He built big residential buildings in areas where people at the time were not looking to build or live.” Read More