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ELIJAH EQUITIES

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4:04 pm On May 16, 2016

Bedfordandbowery: Fat Radish Had their Building Sold, But Ain’t Growing Nowhere

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This morning, real-estate brokerage firm Eastern Consolidated announced that the retail condo at 17 Orchard Street– otherwise known as homebase of The Fat Radish – was sold. The 2,500 square-foot space was snatched up for $2.5 million by Elijah Equities (a real-estate company that recently made headlines for leasing their 5th avenue storefront to a Chinese burger chain, Uncle Sam Fast Food).

So what will happen to the beloved Fat Radish, an early scene-y outpost on the edge of Chinatown, catering to well-dressed lovers of local food and rustic decor? Probably not another Uncle Sam outlet. The press release is reassuring, saying that the restaurant still has term left on its lease and will “continue successful operation” in the space.

But it’s not clear what Elijah Equities might have in mind in the long run– they declined B+B’s request for comment. Clearly real-estate babblers hope that the growing mixture of galleries and restaurants will help blow up prices even further in this sleepier section of the Lower East Side.

“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,” Evan Papanastasiou, a director at Eastern Consolidated, said in a press release. “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, chairman of Elijah Equities, 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.”

The building itself was converted to condos in 2009– at the same time, the retail unit received a facelift. The space has been on the market since at least 2013, when Massey Knakal represented it.

By KAVITHA SURANA

Source: NEWYORKYIMBY.COM