The Real Deal New York

Paris Café building on South Street hits the market

Owner looking to capitalize on Seaport revitalization with $25.8M two-building sale
September 18, 2014 04:45PM

The building at 119 South Street that has been home to the Paris Café since 1873 is now on the market. The owners are seeking $25.75 million for the historic property and another nearby building at 108 South Street, the New York Observer reported. The sellers are seeking to take advantage of the revitalization of the South Street Seaport led by the Howard Hughes Corporation, Eastern Consolidated broker Adelaide Polsinelli, who is marketing the building with James Famularo, told the news site. In addition to the ground-floor eatery, which pays $30,000 a month in rent, 119 South Street has 16 market-rate apartments with an average monthly rent of $2,500, the Observer reported. Plans to renovate 108 South Street and divide it into four units have been approved by the Landmarks Preservation Commission. [NYO] — Tom DiChristopher