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

ICSC 2014

All Aboard? 2nd Avenue Subway Set to Transform Retail

SAS64thStreet201201

The landscape north of 72nd Street along Second Avenue has long been dominated by residential towers and corner grocers. Mom-and-pop retailers are far more present there than on Lexington and Third Avenues, where H&M, J.Crew and Brooks Brothers have all committed to space in recent years and where a Whole Foods is on the way.

But with the debut of the Second Avenue subway on the calendar for late 2016, the retail terrain in Yorkville may be set to change. Read More

On the Market

Sunset Park Mixed-Use Building on the Market for $4.5M

5310-5312 Fourth Avenue. (Eastern Consolidated)

Eastern Consolidated is marketing a mixed-use building at 5310-5312 Fourth Avenue in the Sunset Park section of Brooklyn, Commercial Observer has learned. The asking price for the building is $4.5 million.

Located between 53rd and 54th Streets, the 9,600-square-foot building boasts two ground-floor retail stores and 12 rent stabilized, one-bedroom apartments. Four of the 12 apartments will be delivered vacant. Read More

Sales Beat

Downtown Retail Condo Trades for $4.8M

119 Fulton Street. (Google Street View, PropertyShark)

An investment group led by David Berley of Walter & Samuels has acquired the retail condominium at 119 Fulton Street for $4.8 million in an off-market deal, Commercial Observer has learned.

The 4,200-square-foot property features 2,300 square feet of ground-floor retail space, 1,900 square feet of basement space and 25 feet of frontage on Fulton Street. The space is currently occupied by Spring Nail Spa. Read More

On the Market

Hell’s Kitchen Retail Space Hits the Market

695 Ninth Avenue.

Eastern Consolidated is marketing a 2,800-square-foot retail space at 695 Ninth Avenue in Hell’s Kitchen, Commercial Observer has learned.

The space, formerly home to a video store, is vacant and available immediately. The opportunity is being offered on a 10- or 15-year term with asking rent of $200 per square foot. Less than a week old, the listing is already garnering interest. Read More

On the Market

Tribeca Retail Space on the Market

106 Reade Street. (Eastern Consolidated)

Eastern Consolidated is marketing a prime Tribeca retail space at 106 Reade Street, Commercial Observer has learned.

The building boasts 1,500 square feet of ground-floor space, 200 square feet of mezzanine space and 20 feet of sidewalk frontage. The space also features 16-foot tin ceilings and exposed brick walls. Read More

Lease Beat

Eastern Consolidated Expands at 355 Lexington

355 Lexington Avenue

Manhattan-based full-service real estate investment services firm Eastern Consolidated is augmenting its team and has taken an additional 4,000 square feet at 355 Lexington Avenue to accommodate the growth, Commercial Observer has learned.

The new offices in the 22-story Rudin Management building will be on the fifth floor and will house 30 brokers and support staff. The company’s current digs span 15,000 square feet on the 11th floor in the building, between 40th and 41st Streets. The new offices are in move-in ready condition and Eastern Consolidated will occupy the new space next month. Both leases expire in three years. Read More