Eastern Consolidated Shares Key Business Update

Eastern Consolidated has been a leading player in the New York City commercial real estate market for over 40 years. The company has a strong reputation for its expertise in sales, leasing, and property management.

Eastern Consolidated has a team of experienced professionals who have completed over 1,000 transactions in the city. This extensive experience has allowed the company to build a vast network of contacts and relationships within the industry.

The company's portfolio includes a wide range of properties, from office buildings to retail spaces. Eastern Consolidated has a proven track record of successfully navigating complex transactions and finding creative solutions for its clients.

Eastern Consolidated is committed to providing exceptional service to its clients, with a focus on building long-term relationships.

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Eastern Consolidated has brought a national investor to Boston's real estate market to buy a 74,500 s/f retail and office property at 399 Washington St. for $63.25 million.

The property had been vacant for 10 years, but its location in Boston's top destination for fast casual retailers and luxury residential development made it attractive to the buyer. Across the street from 399 Washington St. is the Millennium Tower, a luxury residential skyscraper with a retail component.

Adelaide Polsinelli, senior managing director and principal, procured the buyer, and Evan Papanastasiou, director, represented the seller. The institutional and international investment climate in Boston has changed in recent years, making it a top-tier city for capital preservation.

Eastern Consolidated will close down in July, after nearly 40 years of operation. The firm's founders, Peter Hauspurg and Daun Paris, made the difficult decision to wind down the operations and allow employees and brokers to make arrangements for their next move.

The investment sales division of the firm suffered last year, and the climate for midrange firms like Eastern Consolidated is not getting any better. The firm will remain open for the next six weeks to help its employees and brokers transition to new opportunities.

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Eastern Consolidated's Evan Papanastasiou and Adelaide Polsinelli brokered a $63.25 million deal for a 74,500 s/f retail and office property at 399 Washington St.

The property had been vacant for 10 years before being sold to a national investor.

Boston has become a top-tier city for capital preservation, attracting institutional and international investment.

The city's strong job market, with Cambridge becoming a mini-Silicon Valley, and companies like GE and Vertex relocating their headquarters, make it an attractive destination for investors.

Papanastasiou noted that Eastern Consolidated's strong reach enabled them to bring a buyer with a long-term vision for the asset.

The Boston retail market is valuable to national investors, who see potential in the property's retail and creative office space.

Across the street from 399 Washington St. is the Millennium Tower, a luxury residential skyscraper with a retail component that includes Primark, Old Navy, and Roche Bros.

The development pre-sold 98 percent of its condominiums, including the Penthouse, which sold for a record $37,500,000.

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Eastern Consolidated will shut its doors at the end of July after nearly 40 years in business.

The firm's co-founders, Peter Hauspurg and Daun Paris, made the difficult decision to close down the company after months of conversations about a possible sale.

The company's investment sales division suffered last year, and there's no clear indication of when conditions will improve.

Brokers like Adelaide Polsinelli, James Famularo, and Brian Ezratty, who had been with the company for 30 years, will likely be looking for new brokerages to ply their trade.

The firm's 140-person staff will receive severance packages as the company winds down its operations over the next month and a half.

Eastern Consolidated had been a major player in the New York City brokerage scene, but the climate for midrange firms like it is not getting any better.

The company's closure is just one of several dramatic moves in the industry, including the sale of RKF to Newmark Group and the shutdown of Town's sale and leasing division in April.

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Eastern Consolidated's closure was a difficult decision made by its founders, Peter Hauspurg and Daun Paris, who have been considering selling the firm but couldn't agree on terms.

The investment sales division of the firm suffered last year, which was a trend seen across the city. The division's decline likely contributed to the firm's decision to close.

The founders revealed that none of the offers they received were ones they were "comfortable" with, but they didn't disclose who made the offers.

Eastern Consolidated's closure is part of a broader trend affecting midsize firms in New York City, with Newmark Knight Frank buying RKF earlier this month.

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