On the Market

Chinatown Property with Signature Horse Head Hits Market

49 Market Street.

Eastern Consolidated is asking $6.75 million for a two-story Chinatown commercial building and former stable house just one block from the Manhattan Bridge at 49 Market Street, Commercial Observer has learned.

The firm said the 4,400-square-foot building (with approximately 4,000 square feet of unused development rights) is best-suited for “investors seeking in-place tenancy and income,” with the ability to bring it to its full as-of-right potential of roughly 8,400 square feet, or perhaps to use it as a component for a future assemblage with adjacent properties. Read More

The Lobby

Ron Solarz Returns to Eastern Consolidated

Ron Solarz

Investment sales broker Ron Solarz has rejoined Eastern Consolidated as an executive managing director and principal, Commercial Observer has learned. The industry veteran spent close to 17 years at Eastern Consolidated before joining Brookfield Financial in 2011.

“I’m sure I’m going to hit the ground running and it’s going to be a good experience because it’s comfortable,” said Mr. Solarz, who starts work at Eastern Consolidated today. Read More

On the Market

Seventh Avenue Retail Space Hits the Market for Lease

425-427 Seventh Avenue. (Credit: PropertyShark)

A potential flagship retail opportunity in the shadow of Madison Square Garden is being marketed for lease by Eastern Consolidated, Commercial Observer has learned.

The two-building space, located at 425-427 Seventh Avenue, boasts 2,400 square feet of space on the ground, basement and second levels, with the third and fourth floors potentially available for a total of 12,000 square feet. The entire property is being marketed as a triple-net lease for $1.9 million per year. Read More

Sales Beat

Lloyd Goldman Buys Murray Hill Apartment Building for $126M

The Nash

Lloyd Goldman of BLDG Management has acquired The Nash, a 191-unit apartment building located at 222 East 39th Street in Murray Hill, for $126 million.

The sellers, a partnership led by Atlas Capital, Rockpoint Group and The Procaccianti Group, acquired the debt on the property, then known as the Eastgate Tower Hotel, in 2012 with a plan to convert the building to apartments. The property exited bankruptcy in November 2012 and renovation of the building began in early 2013. Read More

Lease Beat

Pita Grill in for Five Guys at 496 LaGuardia Place

496 LaGuardia Place (center). (Credit: PropertyShark)

Pita Grill will replace burger chain Five Guys at 496 LaGuardia Place after signing a 12-year lease for a 2,700-square-foot space at the Greenwich Village property. The restaurant will be the chain’s ninth location.

The space consists of 1,350 square feet on the ground floor and 1,350 square feet on the lower level. Asking rent for the space was $120 per square foot, according to The New York Post, which first reported the lease. Read More

On the Market

Mixed-Use Property Near Barclays Center Hits Market at $8M

260 Flatbush Avenue

A Park Slope mixed-use property three blocks from Barclays Center has come on the market for $8 million, Commercial Observer has learned.

The residential and retail property, at 260 Flatbush Avenue, also known as 89-91 Prospect Place, is being exclusively marketed by Eastern Consolidated. The buyer can erect a seven-story addition on top of the existing 3,975-square-foot, one-story structure. Read More

Food & Drink

Chef Prodigy, Food Market Chain Owner Hook Up for Hudson Food Hall [Updated]

Gregg Grossman. (Credit: Culinaria Group)

Teen chef Greg Grossman is teaming up with the founder of the eatery chain Bread & Butter to create Hudson Food Hall, Commercial Observer has learned.

“I wanted to do a different concept taking some of the Bread & Butter infrastructure, wearing different colors and schemes and create a true New York food experience,” said Terence Park, the founder, president and owner of Bread & Butter. Read More

Behind the turnstile

A Look Inside Columbus Circle’s Turn-Style

Rendering of the Turn-Style marketplace

Get ready for a dynamic 14,750-square-foot transit marketplace just outside of the Columbus Circle subway station. Called Turn-Style, the underground concourse will comprise 34 stores ranging from 153 to 662 square feet when it opens in the spring of 2015. The rents are $300 to $400 per square foot for five- to 10-year terms, according to the Lansco retail team of Linda Rosenthal, Ryan Bergman and Robin Abrams that is marketing the space.

Commercial Observer got its hands on the marketing flyer for Turn-Style, which includes some cool renderings and interesting details about the project. Read More

On the Market

East Village Walk-Up on the Market for $6.7M

234 East 7th Street. (Credit: PropertyShark)

Eastern Consolidated is marketing a 6,486-square-foot walk-up building at 234 East 7th Street in the East Village, Commercial Observer has learned. The asking price for the property is $6.7 million.

Located off of Avenue C, the five-story building boasts 20 apartment units, half of which are rent stabilized. There are currently five apartments available for rent in the building, according to StreetEasy, with rents ranging between $1,650 and $1,695 per month. The property’s fair market units are still priced 10 to 15 percent below market rates, according to the listing broker.  Read More

On the Market

Kips Bay Building Comes to Market Less Than a Year After Last Sale

156-158 East 33rd Street in Kips Bay. (Credit: PropertyShark)

A four-story mixed-use building at 156-158 East 33rd Street in Kips Bay is on the market less than a year after the building last sold. Eastern Consolidated is marketing the property with a $7 million asking price.

The sellers, who declined to be identified, acquired the building in July of last year for $2.42 million and embarked on a complete gut renovation of the building. The sellers planned to flip the building at the time of the acquisition, according to the listing broker. Read More

Five-year anniversary

Five Years Post-Stock Market Crash, How are CRE Pros Faring?

NYSE And Deutsche Boerse To Possibly Merge

This past Sunday marked the five-year anniversary of the lowest point in the stock market crash which sent everyone, including New York City’s real estate market pros, reeling. In late 2010 and early 2011, New York City essentially recovered from the economic meltdown but business hasn’t always been rosy since. Commercial Observer checked in to see how the city’s commercial real estate brokers were doing five years ago and how they are faring today.  Read More

On the Market

Queens Multifamily Building Hits the Market Asking $7.9M

131 Beach 119th Street. (Credit: PropertyShark)

Eastern Consolidated is marketing a six-story beachfront apartment building located at 131 Beach 119th Street in the Belle Harbor/Rockaway Park section of Queens, Commercial Observer has learned. The asking price for the 35,159-square-foot building is $7.9 million.

The building boasts 43 rent-stabilized units, including 31 one-bedroom apartments, and also features an indoor parking garage with eight parking spaces. Read More

Space Search

Soho Properties Shops for Temporary Park51 Space

44 Trinity Place. (Credit: CoStar)

More than three years after developer Sharif El-Gamal faced a firestorm over plans for an Islamic prayer and community center in lower Manhattan, the head of Soho Properties is searching for temporary space for Park51, Commercial Observer has learned.

Yesterday afternoon, Aziz Friedrich from Soho Properties was spotted touring a 2,000-square-foot second-floor space at 44 Trinity Place, being marketed by Eastern Consolidated’s James Famularo and Ravi Idnani. The asking rent for the Trinity Place space is $100 per square foot and the lease term is 10 years, according to the listing. It seems an unusual space for a center since it is above Wogies Bar & Grill. Messrs. Famularo and Idnani declined to comment. Read More