The Lobby

Alex Hill Departs Eastern Consolidated After a Year

Alexander Hill. (The Real Deal)

After roughly a year as a senior director at Eastern Consolidated, retail broker Alexander Hill has become a managing partner at Murro Realty, Commercial Observer has learned.

Mr. Hill was part of a team including James Famularo, Jeff Geoghegan and Ravi Idnani that was recruited to head up Eastern’s new retail leasing division in January. Mr. Hill had been at Winick Realty Group prior to starting at Eastern. Read More

Legal Disputes

Eastern Consolidated, Robert Khodadadian Settle

Robert Khodadadian.

The drama between broker Robert Khodadadian, who sued Eastern Consolidated for commissions owed before the firm countersued, is over, Commercial Observer has learned.

As of last week, the two sides agreed to discontinue their respective cases, and Eastern paid Mr. Khodadadian a settlement, according to sources with intimate knowledge of the deal. The sum wasn’t immediately available. Read More

Mortgage Observer

Hakim Seals the Deal Sans Mezz in LA Buy

6100 Wilshire Boulevard

Los Angeles-based investor Citi Real Estate, headed by Sam Hakim, took a $57.5 million CMBS loan from UBS to buy a Los Angeles office property at 6100 Wilshire Boulevard last month. But prior to the purchase, the borrower, the scion of an established Los Angeles real estate family, had actually arranged for $65 million in funds for the $76 million buy, with a portion of the financing in a mezzanine loan, a source close to the deal told Mortgage Observer.

Alas, when the rates were set to lock this summer, the mezz turned out far pricier than expected, the source said. The borrower opted instead to fill that portion of the capital stack with equity—a move highlighting the potential effect of a tumultuous CMBS market, the source said. Read More

The Sit-Down

Adelaide Polsinelli—a Commercial Real Estate Maverick

Adelaide Polsinelli on the roof of her listing at 116-119 South Street. (Lea Rubin Photography)

In an industry dominated by men, Adelaide Polsinelli has held her own since entering the profession 29 years ago on the residential side at Century 21 Real Estate. Ms. Polsinelli, a senior director at Eastern Consolidated since March 2012, is juggling a dozen exclusive listings, the bulk of which are in East Harlem. She is co-listing two mixed-use buildings in the South Street Seaport, one of which is home to the Paris Café, for $25.8 million. Ms. Polsinelli talked with Commercial Observer over lunch at the café about the Seaport, her favorite deal and the advantage of working at Eastern Consolidated. Read More

Mortgage Observer

Hidrock Scores $45M in Acquisition Funds From Bank of Ozarks, Ladder

12 East 48th Street

Bank of the Ozarks and Ladder Capital lent $45.5 million in funds for a seasoned New York City investor to buy a three-lot land assemblage in the Rockefeller Center area for $47 million, Mortgage Observer has learned. The buyer, HID Acquisition Group LLC, a subsidiary of Hidrock Realty, closed on the parcels last month and plans to build a residential condominium, Hidrock’s CEO said.

Bank of the Ozarks provided $26 million in a senior mortgage, while Ladder Capital lent $19.5 million in mezzanine funds, a source told MO. Read More

On the Market

Eastern Consolidated to Lease Marble Beauty in Midtown East

4 East 43rd Street.

Eastern Consolidated has been tapped to lease out a six-floor marble building just a block east of Bryant Park at 4 East 43rd Street, Commercial Observer has learned.

The landlord recently completed a multi-year renovation on the building near Grand Central Terminal that offers a prime retail opportunity, said Alexander Hill, the Eastern Consolidated broker with the exclusive listing. Read More

Sales Beat

LIC Warehouse Sells for $6.5M

37-10 Crescent Street. (PropertyShark)

Eastern Consolidated has arranged the sale of the 18,000-square-foot industrial warehouse at 37-10 Crescent Street in Long Island City, Queens, Commercial Observer has learned.

Ranger Properties partnered with Sagamore Crescent LLC to buy to the property from GMS Seashore Investments LLC for $6.5 million, according to property records. Read More

Power Broker

An Electrical Draftsman and Salesman, James Famularo was Primed for CRE

James Famularo. (Aaron Adler)

James Famularo is so much a part of the restaurant world’s fabric that chef Michael Guerrieri named a sandwich after him.

Mr. Famularo’s namesake hero, James, is served at City Sandwich for $9.95. Sadly, Mr. Famularo has never tried it since he’s not a fan of roast beef. But last week he ticked off a number of other sandwiches he loves at the eatery, which has a special place in his heart. Read More

On the Market

Eastern Consolidated Markets LIC Properties for $10.35M

Rendering of potential development at 37-29 31st Street and 37-26 32nd Street.

Eastern Consolidated will market the sale of a block-through, Long Island City development site at 37-29 31st Street and 37-26 32nd Street, Commercial Observer has learned. Asking price for the separate, contiguous properties is $10.35 million.

The site is zoned for a mixed-use, seven-story residential apartment building with ground floor retail, Eastern Consolidated told CO. Read More

Legal Disputes

Judge Tosses Libel Charge Against Eastern Consolidated

(Flickr Bill Bradford)

Last week a judge ruled to dismiss broker Robert Khodadadian‘s allegations that Eastern Consolidated libeled and slandered him in the press, according to Nassau County court records.

The court “concludes, as a matter of law, that the allegedly defamatory publications are fair and true reports of the legal proceedings between the parties, and do not suggest more serious conduct than that actually suggested in those legal proceedings,” the legal documents indicate. Read More

When Plan B Fails

Plan B Fails in Nolita

244 Mulberry Street.

Nolita Northern Spanish tapas restaurant Plan B is looking to get out of its lease at 244 Mulberry Street and Eastern Consolidated’s James Famularo and Ravi Idnani were tapped to sell it.

Plan B pays $20,888 per month in rent, according to the marketing materials for the 2,000-square-foot space on the ground at the building between Spring and Prince Streets. The restaurant is seeking $545,000 in key money to walk away from the 10 years left in the 12-year lease. Read More

On the Market

Brownsville Commercial Building on the Market for $6.5M

50-54 Belmont Avenue in Brownsville prior to renovations. (PropertyShark)

Eastern Consolidated is marketing a 22,500-square-foot commercial building at 50-54 Belmont Avenue in the Brownsville section of Brooklyn, Commercial Observer has learned. The asking price for the property is $6.5 million.

The two-story building is fully occupied by two tenants on long-term leases. Brightside Academy, a child care and early education center, shares the building with Fiesta Adult Daycare Center. Read More

Sales Beat

New York City REIT Makes Deal for Hit Factory Retail Condo [Updated]

421 West 54th Street. (Eastern Consolidated)

American Realty Capital’s New York City REIT has agreed to acquire a retail condominium at 421 West 54th Street from Sagamore for $7.25 million, the real estate investment trust announced yesterday. The 12,327-square-foot unit is 100 percent leased to the Gibson Guitar Corporation.

Known as The Hit Factory, 421 West 54th Street once housed a famous recording studio of the same name. The building has since been converted to residential condominiums, where Carmelo Anthony, the New York Knicks’ star forward and soon-to-be free agent, and comedian Tracy Morgan have rented, according to reports. Read More

On the Market

Retail Space on 57th Street Hits the Market

225 East 57th Street retail. (Eastern Consolidated)

Eastern Consolidated is marketing a 7,500-square-foot ground-floor retail space at 225 East 57th Street, Commercial Observer has learned. Located between Second and Third Avenues, the commercial condo unit also sits directly across from Whole Foods.

“There have been a lot of big-name national brands opening up here,” said James Famularo of Eastern Consolidated, who is marketing the space. “This corridor was great and it’s getting a lot better.” Read More

Cover Story

Home Field Advantage: The Impact of Yankee Stadium and Citi Field

Yankee Stadium.

Baseball has long been considered a rite of spring. The sound of bat on ball has for decades been associated with those fledgling days of warm weather when New Yorkers in the Bronx and Queens embrace the early games of baseball season with a sense of renewed hope that this may just be the year.

It may also be a time of renewed hope for the neighborhoods the Yankees and Mets call home. Five years removed from the openings of the new Yankee Stadium and Citi Field, the areas around both young stadiums are set for rebirths. Read More