Tales of Retail
Since 2002, Stuart Gross has served as executive managing director at Eastern Consolidated, where he has specialized in complicated restructuring deals and investment sales transactions. Mr. Gross, 58, spoke to The Observer about 116 John Street, until recently one of few remaining office building on a street once teeming with commercial assets. Now, the building is being converted to rental apartments and leasing is expected to begin early next year.
What was the motivation behind converting 116 John Street into a residential building?
Mr. Gross: That was a complicated form of ownership that required some sort of financial engineering. But, as always, that tail should not wag the dog. The real issue had been, what’s the property worth and what’s its highest and best use, and who’s the best person to exploit that use.
The Post‘s Steve Cuozzo this morning spoke for the financial district masses who actually inhabit the neighborhood much touted for its supposed 24-7 renaissance over the last decade.
The need for the shout-out?
Fans of James Joyce — and fans of open bars — flocked to Ulysses Folk House yesterday to celebrate Bloomsday with traditional Irish food, pints of Guinness, plenty of Jameson, Irish dancing, readings from Ulysses and piles of oyster shooters served, for some reason, through an ice luge with a Guinness logo.
Bloomsday has always Read More
If you’ve got $3.3 million and want to move to one of the hotter neighborhoods in the city, Douglas Elliman has got you covered with this ultra-modern condo on Broad Street in the Financial Distri…err…FiDi.
The condo features two bedrooms, two bathrooms, 1,000 square feet of outdoors space and, if the pictures Read More
Big Real Estate
For all your non-kosher lunch needs, Chicago’s Potbelly Sandwich Shop is opening its first New York location in FiDi.
Riding New York’s belated embrace of the midwestern love affair with the condiment-coated gourmet sandwich, the joint has signed a 15-year, 2,800 square-foot lease at TF Cornerstone‘s 650-unit luxury building at 2 Gold Street. The chain has Read More
Star investor and philanthropist Michael Steinhardt and an unnamed partner have acquired rom the New York Stock Exchange two former American Stock Exchange buildings, 18-22 Thames Street and 78-86 Trinity Place, for a total of $65 million.
Mr. Steinhardt, who made his money as Wall Street’s so-called most successful money manager and who now mostly focuses on Read More
The William Beaver House is one of the more unusual apartment buildings in a city full of towers that would fit that description. There is the pixellated black-and-yellow facade, the racy anime ad campaign, the grand foreclosure of Tamir Sapir and Andres Balazs’ FiDi glory. But the masses of New York City Read More
If you happen to need five bedrooms, four-and-a-half baths and 5,400 square feet then for the modest sum of $6.39 million the Financial District’s biggest property can be yours. The loft, at 114 Liberty Street dwarfs the next largest Financial District offering by 600 square feet, according to the brokers at Platinum Properties.
The ninth-floor Read More
One of the great creations of the real estate boom was “FiDi.” As many old office buildings grew obsolete, instead of tearing down the historic warren of grand towers surrounding Wall Street, developers, with the city’s encouragement, began converting them into apartments. The Financial District became, well, the Residential District.
Yet, just as traders Read More
It was an August night some time ago at Frances Tavern, a pub at 54 Pearl Street that reopened last night after a few months of closure. Presumably men were drinking, and presumably men were eating. Then, in a flash, an 18-pound cannonball bounded in from above, splintering the roof and eventually resting in a Read More