Home to The Paris Cafe, Other Seaport Building Hit Market
Lauren Elkies Schram Sept. 18, 2014, 2:35 p.m.
Two mixed-use buildings, including one that is home to The Paris Cafe, have hit the market for $25.8 million, Commercial Observer has learned.
The buildings are the five-story 116-119 South Street, historically known as the Meyer’s Hotel and Paris Cafe, and at 108 South Street, which is a vacant 5.5-story, mixed-use building. The two properties are being offered for sale individually, or as a portfolio for $25.75 million with Eastern Consolidated‘s Adelaide Polsinelli and James Famularo.
Known as the Harriet Onderdonk Building, 116-119 South Street has 16 free-market apartments, primarily one-bedrooms with an average monthly rent of $2,500, and the Paris Café on the ground floor and basement. Over the past year, the building has undergone a $2 million renovation, which included updating 12 of the apartments, building mechanicals and common areas.
Plans have already been approved by the Landmarks Preservation Commission for three two-bedroom units and the addition of a two-story, three-bedroom loft unit at 108 South Street, according a press release from Eastern Consolidated. The plans are awaiting Department of Buildings approval.
“The thought was they might be better selling it,” Ms. Polsinelli told Commercial Observer. “They’ll most likely move forward if they don’t sell it.”
The Paris Cafe has been around since opening as the Meyer’s Hotel and Paris Cafe in 1873, according to its website. Its monthly rent is about $30,000 a month, Ms. Polsinelli said, and the eatery has six or seven years left on its lease.
The owners were inspired to put the buildings on the market by the revitalization of the South Street Seaport District, spearheaded by The Howard Hughes Corporation.