The Real Deal New York

Eastern Consolidated is done: Here’s who’s suddenly on the market

While the news sinks in, the recruitment frenzy has begun
By David Jeans | June 16, 2018 07:00AM

From left to right: Eastern Consolidated’s Brian Ezratty, Robin Abrams, Adelaide Polsinelli, Adam Hakim, 809 Ninth Avenue, and 262 West 96th Street (Credit: Eastern Consolidated)

In the wake of Eastern Consolidated‘s announcement that it’s shutting down next month, the firm’s 100 or so brokers are now on the market. While the news is just hours old, the recruitment frenzy has already begun, and all will be watching where the biggest fish land. Here are some names that will sit atop the list:

Investment sales/multifamily
Leading the charge on investment sales is Eastern’s vice chairman, Brian Ezratty, who has sold over $14 billion worth of property since joining the firm in 1985. Ezratty, who owns a stake in the company, has worked several sales deals on behalf of Gary Barnett’s Extell Development in recent years. Last year, he represented the developer in the $80 million sale of a two-story corner building at 262 West 96th Street, which is slated to be a condo project. And last May, Ezratty brokered Extell’s $100 million sale of a NoMad development site at 30-36 East 29th Street to Rockefeller Group. In February, he brokered the $30 million sale of watchmaker Bulova’s headquarters at a warehouse in Sunnyside. Ezratty said his team currently has six-to-seven contracts out on investment sales deals.

Another name that’s likely to receive attention is Ron Solarz, who rejoined Eastern in 2014 as an executive managing director and has since worked on several notable multifamily deals. Last year he brought in Abraham Fruchthandler’s FBE Limited as the buyer on a $50 million deal for four contiguous buildings in Harlem. In 2016, Solarz teamed up with Ezratty, Adelaide Polsinelli and firm chairman Peter Hauspurg to represent the sellers in a $115 million deal at adjacent properties 677 Lexington Avenue and 681-685 Lexington Avenue. Solarz also worked both sides of a $165 million Washington Heights portfolio sale alongside colleague Marcia Yawitz in 2016.

Debt

Though the investment sales division has struggled, Eastern’s made some noise in the debt game of late. Last month, the company’s top debt brokers Adam Hakim and James Murad ushered through a $350 million construction loan at 126 Madison Avenue, a 66-story tower being developed by Fosun International and J.D. Carlisle Development Group. And last year, the pair brokered a flurry of deals, including a $52 million loan for a boutique Tribeca condo-building at 65 West Broadway and a $130 million loan for Michael Shah’s five-building project at 30 Morningside Drive.

Retail sales and leasing
Eastern’s stable of retail brokers are also up for grabs. Among them is retail vice chair Robin Abrams, who arrived with her team last year after working almost 40 years at Lansco Corp. James Famularo, who set up the retail division at Eastern in 2014, and worked alongside Abrams directing it, will also leave the firm with his team. The veteran broker has 65 exclusive listings. He recently brokered a lease at 809 Ninth Ave, between West 53rd and 54th streets, with an American restaurant called Westville, and in February negotiated for the landlord of a building formerly owned by the son of Alexander Hamilton.  Another notable name is Adelaide Polsinelli, who moved across from Marcus and Millichap in 2012 and specializes in retail investment sales and commercial condos. Polsinelli, who began her career in 1985, was the sell-side broker on the $86 million sale of 16 Williamsburg buildings to L3 Capital and ASB Real Estate Investments in 2015.