Jan. 16, 2018 | News
Eastern Consolidated Arranges $130 Million Loan to Finance Conversion and Development of 30 Morningside Drive In Morningside Heights
Delshah Capital, LLC, (“Delshah”), a leading full-service commercial real estate investment and property management company, announced that it has entered into a $130 million construction loan with Square Mile Capital Management to finance the conversion of a five-building medical facility into a 205-unit, 200,215-square-foot luxury rental complex at 30 Morningside Drive in Morningside Heights.
Eastern Consolidated’s Adam Hakim, Managing Director, and James Murad, Director, of the firm’s Capital Advisory Division, arranged the financing.
“We are thrilled to have closed this loan which completes the financing necessary for the conversion and repositioning of this prime Manhattan site. We would like to extend our appreciation to Square Mile Capital Management for its collaboration and partnership, as well as Eastern Consolidated for arranging this loan with Square Mile,” said Michael Delshah, Principal and CEO of Delshah Capital.
The buildings are currently undergoing a complete as-of-right gut renovation. Interior demolition and abatement have been completed, and the remaining renovation work is expected to take two years.
Jan. 12, 2018 | News
Eastern Consolidated Brings New High-End Restaurant to Midtown East
In less than two weeks, the Famularo Team at Eastern Consolidated arranged a 15-year, 2,500-square-foot retail lease for a new upscale Kosher restaurant at 211 East 46th Street just off Third Avenues in Midtown East.
James Famularo, Senior Director and Principal, represented the landlord and procured the tenant, Chef Josh Kessler.
“Josh is a very experienced extremely talented chef having previously worked for Danny Meyer of Union Square Hospitality and Mike’s Bistro, a Kosher restaurant,” Famularo said. “The space was so desirable that we leased it before we even started marketing it.”
Famularo added, “The demand for Kosher food in the area is very strong. We were able to bring in the new restaurateur before the previous tenant, Tulsi, a Michelin starred Indian restaurant, handed back the keys. This is a terrific Midtown East location directly across the street from Sparks Steak House, next to the Lebanese American University, surrounded by luxury high-rise buildings, and less than two blocks from the United Nations.”