Eastern sells Irish tavern to Goldman for $11.7m

Real Estate Weekly, June 8, 2005

A prime theatre district retail building under long-term lease to Bennigan's Restaurant has been purchased by real estate investor Lloyd Goldman for $11.75 million. Eastern Consolidated brokered the sale.

The two-story building, located at 771-773 Eighth Ave. at the northwest corner of 47th Street, contains 13,500 s/f of space, all of which is utilized by the restaurant.

An Eastern Consolidated team comprised of vice chairman Brian Ezratty, director Alan Miller and director of financial services Scott Ellard exclusively represented the seller, New Rock Asset Partners, in the transaction.

Mr. Ezratty also procured the purchaser.

"This is a strategic Times Square corner where property values will almost certainly be positively impacted by the numerous new developments planned for the area," said Mr. Ezratty.

Founded in 1976, Bennigan's, with its Irish-inspired grill and tavern motif, serves more than 40 million guests a year in more than 300 restaurants throughout the world.