Eugene Giscombe, Giscombe Realty GroupManhattan, NY Eugene Giscombe, the founder, president and chief executive of the Harlem commercial real estate firm Giscombe Realty Group, known affectionately by many as the “mayor of 125th St.,” died on Sunday, July 10 at Good Samaritan Hospital in Suffern, unexpectedly from a brain aneurysm.
Giscombe was 76 years old. He was born and raised in Harlem but was a longtime resident of Pamona in Rockland County.
Giscombe’s experience in the Harlem market went back 30 years, before Harlem was a “cool place” to do a deal. In 1982 he founded Giscombe Realty Group, LLC one of Harlem’s leading commercial real estate management, consulting, leasing, development and brokerage firms.
Giscombe was a “real estate” player in the Harlem Renaissance that helped make Harlem one of Manhattan’s prime places to live, work and play. He was proud to carry on the family’s real estate legacy that started in the Harlem community with his grandfather, Lawrence Giscombe.
Believing that Harlem was a treasure and that “prime real estate exists past 96th St.,” Giscombe went onto become a community leader, entrepreneur, business consultant and real estate dealmaker.
Giscombe grew his company that served a wide range of clients which included owners, developers, financial institutions, non-for-profits, pension funds, government agencies and other private business owners looking to buy, lease or manage space in Harlem and throughout New York City.
Over the years, Giscombe Realty Group’s acquisitions, developments, relocations and management ventures on the legendary 125th Street corridor grew to total nearly 500,000 square feet, including Chase Manhattan Bank, Fourth Federal Savings and Loan, New York State Supreme Court, Bechtel Infrastructure, Beth Israel Medical Center, the Harlem Commonwealth Council, New York College of Podiatric Medicine, The Jewish Theological Seminary and more.
Giscombe’s contacts in the community nicknamed him the “Mayor of 125th Street” — one of Harlem’s most active real estate players who brokered one of the biggest retail sales in Harlem: the sale of 16 retail buildings for $50 million in 2007. The properties, located at 112-118 West 125th Street, 250 West 125th Street, 301-303 West 125th Street and 2331-2349 Frederick Douglass Boulevard, total 35,000 square feet. The per-square-foot price of $1,430 was the highest paid to date for retail space along 125th Street. The portfolio sold in two separate deals.
Giscombe Realty Group’s headquarters for over 35 years was located in one of Harlem’s most iconic office buildings --- the 12-story Lee Building at 1825 Park Avenue and 125th Street, adjacent to the Metro North train station in the center of Harlem.
Giscombe, who purchased the building back in 1979 for a mere $40,000, recently said it was the best decision he ever made “besides marrying my wife.” He sold the building in December 2015 for $48 million to Savanna Partners, a real estate company in New York.
In Harlem, Giscombe was an active community leader who was the former chairman of the
125th Street Business Improvement District, Community Board # 10 and The Greater Harlem Real Estate Board. He was also a member of the Harlem YMCA Board of Directors/Property Management Committee where he oversaw all construction and renovation work at 21 NY YMCA branches and three camps. He was also the recipient of the “Business Person of the Year” award from the Harlem Business Alliance.
Giscombe served on the Board of Directors of City National Bank of New Jersey/New York, and was the vice chairman of the Greater Harlem Nursing Home and vice chairman of North General Hospital Board of Directors. He also served as a trustee at the Harlem Academy school where he was committed to helping the school build a permanent campus.
Giscombe started his illustrious real estate career in 1972 as head of the sales department at Webb
& Booker, another Harlem-based real estate firm. He was inspired by his grandfather
Lawrence Giscombe, a successful builder-owner in Harlem in the 1930’s and 40’s.
At Webb & Booker, he represented major banks, such as Manufacturer’s Hanover, and managed
Harlem office buildings including the C.A.V. Building at 125th and Lenox Avenue, 55 West 125th Street, where Bill Clinton had his offices, and the historic Kenwood office building at 144 West 125th Street, which houses the renowned Harlem Studio Museum.
In addition to his love for Harlem and real estate, Giscombe was a big-game hunter who hunted on five continents and traveled on over 17 African safaris. Always concerned about the responsibility of hunters, he became the first African-American president of the New York Tri-State Chapter of Safari Club International which is involved in conservation projects.
He leaves his wife Shirley and children Lesley, Susan and Lasalve and brothers Gary and Ronald Giscombe and several nieces and nephews.
The family requests that donations in his name can be sent to Harlem Academy, 1330 Fifth Ave NYC 10026 or Harlem Branch YMCA, 5 West 63 St.7th Floor NYC 10023.
Mr. Giscombe’s family is planning a memorial service in September to celebrate his life.