March 27, 2017 | News
Eastern Consolidated Arranges $108 Million Construction Loan for 105,000 SF Midtown West Condominium Development
Eastern Consolidated has arranged a $108 million construction loan for XIN Development International Inc., which is developing a seven-story, 82-unit residential condominium with ground floor retail at 615 Tenth Avenue between West 44th and West 45th Streets.
The new project will include 71,699 net square feet of residential space, and 36,053 net square feet of retail space on the ground floor and lower level, of which 76 percent has already been leased to a national credit tenant. The site features 200-feet of frontage on Tenth Avenue and 125-feet of frontage on the corners of West 44th and West 45th Streets.
Adam Hakim, Managing Director, and James Murad, Director, arranged the financing for XIN Development with the lender, Bank of the Ozarks. Last year, Hakim arranged a $27 million bridge loan with Bank of the Ozarks on behalf of XIN Development to finance the acquisition of the property, which was previously home to a gas station and convenience store.
March 28, 2017 | News
Eastern Consolidated's Retail Leasing Team Finds a New Home for Upper East Side Restaurant Destroyed by Fire
Firenze Ristorante, a popular Upper East Side restaurant that was destroyed in a four-alarm fire in February, will soon be reopening thanks to the fast action of Eastern Consolidated’s Retail Leasing team, which found it a new space less than two blocks from its original location.
Eastern Consolidated’s Senior Director and Principal James Famularo, represented the landlord of the new location, a 1,400-square-foot ground floor space and 900-square-foot basement at 1555 Second Avenue. Director Jeff Geoghegan represented Emanuele Caisaguano, the owner of Firenze Ristorante in arranging the 15-year lease.
“I read about this unfortunate fire that that destroyed this beloved neighborhood restaurant and I immediately wanted to help,” Geoghegan said. “I ran uptown to the burned out restaurant looking for the owner and Emanuele walked out of the charred structure and told me he needed a new location yesterday. I took him to the new space and he loved it. We had a signed deal within four weeks.”