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Posted: December 20, 2016
2016 Year in Review: Adelaide Polsinelli, Eastern Consolidated
Adelaide Polsinelli, Eastern ConsolidatedName & Title: Adelaide Polsinelli
Company Name: Eastern Consolidated
What was your most notable project, deal, transaction or professional achievement in 2016?
I represented the buyer and Peter Hauspurg and Michael Coghill of Eastern Consolidated represented the seller of all of the shares in a four-story, 20,600 s/f residential co-op at 61-63 Crosby St. in SoHo for $42 million, or over $2,000 per s/f. By selling the shares simultaneously, the transaction unlocked greater value for the seven loft owners, many of whom have owned their apartments since the building first went co-op in 1981. The transaction monetized the building’s retail and the new owners are planning to reposition the building to attract major retailers on the first and second floors, and rent the upper floors as office space. Selling all the shares for long-time owners of SoHo co-ops is a new trend and we’re currently marketing a similar co-op at 15-17 Greene St.
What project, transaction, market trend or product had the greatest impact on your industry this year?
I was on the Eastern Consolidated team that arranged the sale of a world-class development site at 139 East 56th Street in Midtown Manhattan that will be transformed into a senior housing and memory care community featuring the latest in health care technology. The property, which offers a zoning floor area of 111,216 square feet, traded for $115 million. Having a luxury assisted living facility in Manhattan is a ground-breaking concept and will be a game-changer for the community and its residents. Baby boomers are growing older and with this facility, they will be able to continue to enjoy all the attractions Manhattan has to offer into their golden years, as well remain near their loved ones.
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