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.
In the world of real estate, as in life, perception is in the eye of the beholder.
The retail market in the West Village and Greenwich Village is no exception, as neighborhood staples close due to rising rents, leaving spaces vacant and landlords searching for high-rent-paying tenants. While neighbors may find the shuttered shops to be eyesores and longtime retail tenants may find the skyrocketing rents unfair, many brokers leasing those spaces are saying it’s due to a hot market and the changing nature of the neighborhood.
The Center for Fiction has sold its headquarters at 17 East 47th Street to Sun’s Acres LLC for $18 million. The nonprofit signed a short-term lease-back with the new owner and will remain at the property until it determines a new location.
“After spending 81 years in Midtown, The Center is relocating in order to better suit their programming needs and to accommodate their growing member base,” said Steven Zimmerman, associate director at Eastern Consolidated, who represented the seller, in a statement. “Their architecturally acclaimed building was in high demand, and we were able to achieve a sales price that reflects $1,000 per square foot.”
It has been just brutal outside, a mess of snow, sleet, rain, ice and slush, requiring acrobatic skills to jump from snow mound to snow mound.
While surfaces are icy, subway service has been interrupted, states of emergency have been declared and people are cold, has the wintry mix impacted the business of real estate in New York City?
Commercial Observer checked in with some real estate folks to find out.
Eastern Consolidated has arranged the sale of two walk-up residential rental properties in Harlem for $3.285 million.
Located between Malcolm X Boulevard and Adam Clayton Powell Boulevard, the three-story walk-up brownstones at 121 and 146 West 120thStreet are across the street from one another, one block from Marcus Garvey Park and just a few blocks Read More
Tunnel Holdings has sold its classic, pre-war, cast-iron loft building at 351-353 Canal Street for $24.75 million.
The 26,000-square-foot property offers three retail spaces on the ground floor, four commercial offices on the second floor and ten residential units on floors three through five.
The property will be delivered vacant, as 85 percent of the tenants Read More
Shortly after a Chinese business tapped Studley’s newly opened Shanghai office to help it expand beyond the city and country and procure space in New York earlier this year, Yin Li, head of the brokerage firm’s China operations, hit a roadblock.
In line with standards in China, Ms. Li’s client was looking to sign a short-term two- or three-year lease, which New York landlords were reluctant to accommodate. Instead, Ms. Li convinced her client to seek out an alternative—a sublease deal.
Eastern Consolidated is suing former associate broker Robert Khodadadian, claiming he violated company policy when he allegedly messaged a cellphone video of himself masturbating “to conclusion” to a teenage intern.
Mr. Khodadadian allegedly sent the (faceless) video to the female intern on April 24, two days before the Manhattan-based commercial real estate firm canned him Read More
Investment Sales 2012
When Aaron Jungreis sought a buyer for the Bossert Hotel at 98 Montague Street in Brooklyn Heights last year, a long list of obstacles stacked up.
The off-market deal meant potential buyers had limited access to the site. Complicated zoning meant the Board of Standards and Appeals would be thrown into the mix. And competition Read More
The investment sales market, most brokers agree, has been heating up over the past 12 months. Approximately $25.8 billion in commercial properties changed hands last year, a turnaround that represented an 88 percent increase over 2010. But while the positive uptick is easily verifiable, what happens next for Manhattan’s investment sales market is still up in the air.
Accordingly, The Commercial Observer set out to speak with the real estate industry’s most accomplished capital markets and sales practitioners to learn what’s in store for 2012. Over the next several days, we’ll post interviews with heavy hitters like Richard Baxter of Jones Lang LaSalle, J.D. Parker of Marcus & Millichap, Woody Heller of Studley and Darcy Stacom and William Shanahan of CBRE. But, first, after the jump, none other than Peter Hauspurg of Eastern Consolidated.