Chinatown Property with Signature Horse Head Hits Market



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.

49 Market Street.
49 Market Street.

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.