Wednesday, November 11, 2026

Report: Former Astor Place Starbucks space heads toward foreclosure, with a possible new tenant

Here's a good reason why the former Starbucks space on Astor Place has remained vacant for the past 18 months: The property is headed toward foreclosure. 

As The Real Deal reports, the lender for the commercial condo at 21 Astor Place, facing the Cube/Alamo, won a summary judgment in New York Supreme Court this past Thursday. 

The property is owned by an entity associated with Isaac and Edward Gindi, who refinanced it with a $26.7 million loan in 2015. The financial troubles followed the departure of Starbucks in July 2024, after a 20-year run at the high-profile corner. 

According to The Real Deal, the coffee chain's exit triggered a requirement for the borrower to deposit $1.5 million into an account controlled by the lender. The lender alleges that the money was never deposited. 

The property's value has also taken a substantial hit. According to Morningstar Credit, the property's appraised value has fallen more than 73% since 2015. 

There may be some movement on the retail front, however. The Real Deal reports that the loan servicer is negotiating a lease with a chain prospective tenant. A receiver began drafting a new lease agreement in September, though there's no word yet on who might take the space. 

Meanwhile, DoorDash, which occupies more than half of the commercial condo, has a lease that expires in January. 

EVG had the scoop on the SB closure in July 2024. The 4,000-square-foot outpost with popular restrooms was the 11th SB to open in the city... debuting on March 30, 1995.
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9 comments:

  1. UnknownNovember 11, 2026 at 10:22 AM

    I was wondering why such a prime spot has been vacant for so long. We will probably end up with a coffee shop or a fast-food place there. The days of the great sit-down dinners like the Rivera are long gone.

    ReplyDelete
    Replies
    1. GrieveNovember 11, 2026 at 11:41 AM

      I was going with a fast-casual brand... like Raising Cane's across the street (but not Sweetgreen, which already came and went on Astor Place)... A diner like the Rivera would be something!

      Delete
  2. Scuba DivaNovember 11, 2026 at 12:13 PM

    Am I the only person who misses the Riviera—a.k.a. Gourmet Treats [Gourmet Threats to some])?

    ReplyDelete
    Replies
    1. IzFNovember 11, 2026 at 12:29 PM

      I do as well. However, the world has changed oh-so-very much since those days.

      Delete
  3. ShadowwhispersNovember 11, 2026 at 12:36 PM

    I hope it's a bank. Or frozen yogurt. Or a nail spa.

    ReplyDelete
  4. anonymousNovember 11, 2026 at 1:15 PM

    Used to be a good diner in that space.

    ReplyDelete
  5. AnonymousNovember 11, 2026 at 2:08 PM

    The Gindi's are just like any billionaire. That's why they and their new generation act like their shit don't stink. They know they'll never be poor or even middle class.

    ReplyDelete
  6. Andrew PorterNovember 11, 2026 at 4:48 PM

    I remember when this was a bookstore, back in the 1970s.

    ReplyDelete
  7. DamzdashNovember 11, 2026 at 7:55 PM

    I bet it will another bubble tea store

    ReplyDelete

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