Fat Radish Retail Condo on Orchard Street Sells for $2.5M, but the Restaurant will Stay
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It took almost three years, but the commercial condo that Fat Radish calls home finally changed hands. The ground floor of 17 Orchard Street just traded for $2.5 million, a few hundred-thousand higher than the initial asking price.
Eastern Consolidated arranged the sale of the 2,500 square-foot space to Elijah Equities (aka the Haddad family). The forthcoming Ace Hotel at the Jarmulowsky Bank likely had an effect on the rising cost.
As for the Fat Radish, the six-year-old restaurant reportedly still has time left on its lease, and will continue to operate here.
And the obligatory hype quote from broker Evan Papanastasiou in a press release:
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. 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.
For the Haddad family of Elijah Equities, this purchase is a homecoming of sorts. Patriarch Eli Haddad immigrated to 52 Allen Street in 1910, according to the official website. He apparently had “one of the very first import licenses for merchandise from the Far East into the United States.” They also own 21 Astor Place.