Chinatown Property with Signature Horse Head Hits Market
Al Barbarino April 10, 2014, 8 a.m.
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.
“[It] offers the best of both worlds – it is an income-generating property and provides opportunity for an as-of-right expansion and redevelopment,” said Gabriel Saffioti, a director with Eastern Consolidated.
A horse’s head juts out amid the building’s upper brickwork, a reminder of the property’s previous life as a stable in the late 1800s, Bowery Boogie noted. By the 1970s, the onetime stable had allegedly become a gambling den for the infamous Bonanno mob ring. The property is currently leased to a single tenant, A-Graphic Printing Lin, Inc., through December 2017.
Mr. Saffioti is exclusively representing the seller – P. Zaccaro Co., Inc., run by the Zaccaro family, a third generation New York City owner operator – with Nicole Rabinowitsch of the same firm.