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
Brooklyn-based Cornell Realty Management LLC is selling a 49-unit, four-story, 61,000-square-foot multifamily rental building at 76-80 Meserole Street in Williamsburg for $38.5 million.
The building features 41 one-bedroom apartments averaging 990 square feet and eight two-bedrooms averaging 1,283 square feet, 21 of which are duplexes.
“Williamsburg is golden. Everyone wants to own property there,” said Read More
It is hard to believe that it was just a few years ago—specifically in 2007—when a perfect storm of positive events was taking place in the financial and real estate markets. The S&P 500 reached record highs, CMBS transactions grew to nearly $770 billion, the Blackstone Group completed its $39 billion purchase of Equity Office Properties Trust and then sold eight buildings in the Equity Office portfolio to Harry Macklowe for $7 billion, foreign investors were purchasing commercial real estate at record levels and everyone was purchasing residential condominiums. In short, happy days were here again.
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Global One focuses on infrastructure improvements and replacing outdated building systems, said Eastern Consolidated Senior Director Read More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
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.
Eastern Consolidated announced today that it has hired Matthew Sparks as senior director, a move that continues the firm’s growth of its commercial investment sales team.
Mr. Sparks, 41, has worked in investment sales for 15 years. Most recently, he was a managing partner at ERG Property Advisors.
Tunnel Holdings has sold its classic, pre-war, cast-iron loft building at 351-353 Canal Street for $24.75 million.
The 26,000-square-foot property offers three retail spaces on the ground floor, four commercial offices on the second floor and ten residential units on floors three through five.
The property will be delivered vacant, as 85 percent of the tenants Read More
Eastern Consolidated has arranged the $5.6 million sale of a three-building residential package in Murray Hill with a symbolic fig tree in its rear yard.
The buildings at 216 and 218 East 36th Street, comprising more than 12,000 square feet, were brought to market for the first time in nearly five decades, The Commercial Observer has Read More
PNC Bank has signed a 55,000-square-foot expansion lease at RXR Realty’s 340 Madison Avenue.
The expansion ups the firm’s space from 45,000 to 55,000 square feet across the 10th and 11th floors in the 745,000-square-foot building, a good sign after several years of perceived stagnation among mid- to large-sized financial services companies in the city. Read More
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
Shortly after a Chinese business tapped Studley’s newly opened Shanghai office to help it expand beyond the city and country and procure space in New York earlier this year, Yin Li, head of the brokerage firm’s China operations, hit a roadblock.
In line with standards in China, Ms. Li’s client was looking to sign a short-term two- or three-year lease, which New York landlords were reluctant to accommodate. Instead, Ms. Li convinced her client to seek out an alternative—a sublease deal.
On the Market
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.
Heidi Burkhart, president of Dane Professional Consulting Group, asks her staff to handwrite and mail three “thank you” letters each week.
The old-school approach is the key to the trust she earns from her clients in the affordable housing sector, allowing her to skip over heavy paperwork that needlessly complicates deals and focus instead on Read More
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
Regency East Apartment Corporation, the owner of the 18-story, 147-unit Regency East co-op apartment building at 301 East 64th Street on the Upper East Side, has purchased the 13-year master lease on its four ground floor retail units for $5.5 million, The Commercial Observer has learned.
The purchase of the 12,200 square feet of combined retail Read More