The Lobby

Eastern Consolidated Names Mark Schnurman a Principal

Mark Schnurman.

Mark Schnurman has been promoted to principal at Eastern Consolidated, and will continue overseeing the brokerage’s sales division, Commercial Observer has learned.

Mr. Schnurman, who writes a column for CO, will now play a role in guiding where the company is going. He is also the chief sales officer, a role he took last year after starting as a sales manager in 2013, responsible for sales recruitment and development. During that time, according to the company, the Penn State University graduate has doubled the brokerage team and continues bringing in more members, Eastern Consolidated said in a press release. Read More

The Lobby

Prospect Capital Group Joining Eastern Consolidated

Sam Zabala.

Prospect Capital Group is joining Eastern Consolidated as the company beefs up its capital advisory division, Commercial Observer has learned.

Adam Hakim and Sam Zabala, the partners of PCG, will become managing directors at Eastern Consolidated and work alongside Jonathan Aghravi, who started the division last year, the company announced. James Murad, a PCG associate, is also joining the company and will manage relationships with clients and capital markets, along with underwriting properties and projects. Read More

Finance

Spec Office Development Hits Outer Boroughs

The Brooklyn Bridge.

A few years ago, even in Manhattan, building or converting an office property on spec was unheard of.

That is no longer the case, according to data from JLL, whose debt experts say the arrival of name-brand tenants has made office conversion deals in the boroughs increasingly appealing.  Read More

Finance

ICBC Lends on Nearly Vacant Tribeca Building

175 Franklin Street.

Industrial and Commercial Bank of China originated a $10.3 million bridge loan to refinance a nearly vacant commercial building being converted for residential use at 175 Franklin Street in Tribeca.

Eastern Consolidated’s Jonathan Aghravi brokered the two-year debt on behalf of the building’s owner Bahram Benaresh. The new mortgage replaces a $9.5 million financing provided by G4 Capital Partners in July 2013, city records show. Read More

The Lobby

Three Top Brokers From Eastern Consolidated Head to Meridian

David Schechtman.

David Schechtman, Lipa Lieberman and Abie Kassin have left Eastern Consolidated for Meridian Capital Group, Commercial Observer has learned, launching a new investment sales division with Mr. Schechtman as a key principal.

The trio’s last day at Eastern Consolidated was yesterday, according to Daun Paris, the co-founder of Eastern Consolidated, who noted that while Mr. Schechtman “was an important part of the team,” Eastern Consolidated still retains “a deep bench of talent.” Read More

Sales Beat

Online East Harlem Sale Claims Record Price

1700 Lexington Avenue.

An online real estate bidding site is boasting a new record for a recent sale in East Harlem.

Auction.com, a California-based e-bidding real estate site, oversaw the sale of 1700 Lexington Avenue, between East 106th and East 107th Streets, that wound up selling for $607 per square foot—a record for a one- to four-family home in the neighborhood, they boasted. Read More

Sales Beat

Amirian Group Buys Vacant West 21st Street Building With Condo Plans

117-119 West 21st Street.

David Amirian of The Amirian Group acquired a vacant, four-story building at 117-119 West 21st Street for $28.5 million in a deal brokered by Eastern Consolidated, Commercial Observer has learned.

The new owner plans to redevelop the brick-walled commercial building, located between Avenue of the Americas and Seventh Avenue, into luxury condominiums, according to several people involved. The site, which sits on the border of Chelsea and the Flatiron District, is comprised of 4,353 square feet of land and offers 44 feet of frontage. 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, CMBS

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