One of many East Village’s most recognizable storefronts will see new possession, and probably a brand new tenant.
The industrial condominium that after housed the Astor Place Starbucks is headed to foreclosures. The condominium’s lender gained abstract judgment in New York Supreme Court docket final week. The constructing was owned by an entity related to Isaac and Edward Gindi.
On the identical time, the servicer on the mortgage is negotiating a lease settlement with a brand new potential tenant, in accordance with Morningstar Credit score. Which means the retail house at 21 Astor Place, dealing with the “Dice” statue, may very well be occupied for the primary time since Starbucks left in 2024.
An organization now related to the Gindis purchased the industrial condominium for $13 million in 2004, in accordance with metropolis information. Possession pursuits seem to have transferred a number of occasions, however in 2015, the Gindis sponsored a $26.7 million refinancing mortgage for the situation.
Like many retail properties, it struggled throughout and after the pandemic. FedEx left its share of the house in 2021. DoorDash moved in rapidly, however at a cheaper price and with over a month of free lease. Revenues for the condominium fell 40 % that yr, in accordance with info from Morningstar.
Starbucks had inked a 20-year lease in 2004, changing into a case examine within the altering character of the East Village and Saint Marks Place. The shop’s closure in 2024 gained important media consideration.
“It was a gentrifier that the neighborhood grew to just accept fairly rapidly,” Curbed eulogized after the announcement. “It discovered its viewers in 1,000,000 NYU-freshman-year examine dates.”
Starbucks’ withdrawal set the foreclosures swimsuit in movement. The lender says the borrower did not deposit $1.5 million within the lender’s account, a requirement triggered by the espresso chain’s departure. The Gindis, who served as restricted guarantors on the mortgage, additionally allegedly did not submit documentation about their web value and liquidity.
“The emptiness at 21 Astor stems from excessive taxes, complicated landmark laws and prolonged municipal approvals,” Terrance and Darren Oved, the Gindis’ counsel of Oved & Oved LLP, mentioned in an announcement in December.
The lender filed a foreclosure suit in July 2025 and gained abstract judgment November 5, 2026. Though the borrower sought to keep away from formal foreclosures by handing over the deed to the property, the lender had different concepts, in accordance with servicer commentary to Morningstar.
The appraised value of the property fell greater than 73 % between 2015 and 2026, in accordance with Morningstar.
The receiver on the property started drafting a brand new lease settlement for the property in September. DoorDash’s lease for greater than half the condominium’s house is up in January, in accordance with Morningstar, whereas the previous Starbucks house is vacant.
Attorneys for neither the plaintiff nor the defendants instantly responded to requests for remark Monday.
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Gindis face potential foreclosure on former Astor Place Starbucks site
Former Astor Place Starbucks site sees value drop 72%
