Eastern Consolidated has arranged the sale of a 2,500 s/f retail condominium that houses hipster haunt the Fat Radish restaurant at 17 Orchard Street on the Lower East Side.
The property, located between Hester and Canal Streets, traded for $2.5 million.
Evan Papanastasiou, a director in the Investment Sales Division, represented the seller, 17 Orchard Holdings LLC. Papanastasiou and Eastern Consolidated director Brad Cohen procured the buyer, Elijah Equities. Hiram Haddad, a fourth-generation member of the Haddad family real estate firm, spearheaded the acquisition for Elijah Equities.
Papanastasiou said the Fat Radish has term left on its lease and will continue its successful operation within the space. The retail condo offers ground floor and basement space totaling 2,500 s/f at the base of a seven-story, 10,448 s/f building.
“This block of Orchard Street is becoming a prominent Lower East Side retail corridor boasting an incredible restaurant scene and the influx of new galleries and fashion-forward retailers,” Papanastasiou said.
“The Fat Radish, and its sister restaurant directly across the street, the Leadbelly, have been staples in the neighborhood, and it is clear that other retailers are following the restaurant group’s pioneering vision for the area.”
Hiram Haddad added, “We are confident that the positive trend will continue in the long-term, and we are looking forward to making additional investments in the area.”