Investor Arthur Shapolsky in contract for $50M East Village site

Sellers are members of Gabay family

New York /
Jun.June 24, 2015 08:00 AM

UPDATED, 12:18 p.m., June 24: Real estate investor Arthur Shapolsky is in contract to buy a corner development site across from Edward Minskoff’s 51 Astor Place for roughly $50 million.

Shapolsky – whose father, Sam, built and owned several hundred apartments on the Lower East Side from the 1930s through the 1950s – intends to buy three properties at the corner of Third Avenue and St. Marks Place: 23 Third Avenue, 27 Third Avenue and 3 St. Marks Place.

The sellers are members of the Gabay family, whose patriarch opened a discount fashion outlet at the corner property in 1970. Shapolsky confirmed the agreement, but declined to comment on his plans for the site, which could accommodate a 41,500-square-foot commercial building or a residential one of roughly half the size.

A source familiar with the property said the price is around $50 million.

The site’s most visible tenant is a McDonald’s in a taxpayer at 27 Third Avenue. It sits across the street from Minskoff’s office building at 51 Astor, nicknamed the IBM Watson Building for its anchor tenant.

Those who know Shapolsky described him as a colorful character, and suggested taking his intent to purchase with a grain of salt.

“Is he flipping? Is he buying? He’s an in-and-out kind of guy,” said one broker who has worked with the investor. “Does he have properties? Yes. Is he a go-to buyer? Absolutely not.”

Quite possibly adding to Shapolsky’s reputation is his tendency to take some big names to court, including the Zeckendorfs and Gary Barnett.

Shapolsky sued Barnett in 2013, claiming the Extell Development chief owed him $310,000 from the sale of 734 and 736 Broadway. Shapolsky agreed to drop the suit in early 2014.

Correction: An earlier version of this post misstated the year the Gabay Family opened its store at the corner of Third Avenue and St. Marks Place.


Related Articles

arrow_forward_ios
From left: Lorcan Otway, 78-80 St. Marks Place, David Aviram (IMDB, Google Maps, LinkedIn)
Hardball lender Maverick seeks foreclosure sale on historic East Village theater
Hardball lender Maverick seeks foreclosure sale on historic East Village theater
Lawsuit over debt haunts effort to sell retail condo at 808 Broadway
Lawsuit over debt haunts effort to sell retail condo at 808 Broadway
Lawsuit over debt haunts effort to sell retail condo at 808 Broadway
50-58 East 3rd Street and Gaia Real Estate CEO Danny Fishman (LinkedIn)
Gaia gets back in the game with $50M East Village acquisition
Gaia gets back in the game with $50M East Village acquisition
1 St. Mark’s Place heads for foreclosure
1 St. Mark’s Place heads for foreclosure
1 St. Mark’s Place heads for foreclosure
Airbnb CEO Brian Chesky, 536 East 14th Street, Mayor Bill de Blasio and 412 West 49th Street (Getty, Google Maps)
City settles two Airbnb rental lawsuits for $1.2 million
City settles two Airbnb rental lawsuits for $1.2 million
SL Green CEO Marc Holliday with 461 Fifth Avenue and 220 East 197th Street in Fordham (SL Green, Google Maps)
SL Green pays $28M for full control of Midtown office building
SL Green pays $28M for full control of Midtown office building
Vornado CEO Steve Roth and 770 Broadway (Getty, Vornado)
Astor Place Kmart to be replaced by grocery store: sources
Astor Place Kmart to be replaced by grocery store: sources
Christodora House at 143 Avenue B (Google Maps, iStock)
Condo board to staff: Get vaccinated or get lost
Condo board to staff: Get vaccinated or get lost
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...