Commercial Real Estate & Advisory

Between the Bricks

By Lois Weiss | September 6, 2006

Between the BricksCentaur Properties, led by investors Henry Hay and Harlan Berger, are the new owners of the retail space housing the swingers sex club, Le Trapeze.The investors found themselves in this unusual position after buying the 9,000 feet of retail at 66 Madison Avenue for $5.3 million.Christopher Owles of Sinvin Realty Corp. represented Centaur, while Kristin Fisher of the Adler Group worked for the seller, which was also the original cooperative conversion sponsor. Since the 13-story co-op holds an 83-year master lease, the price was discounted.All four existing retail leases will expire within the next three years, likely allowing Centaur to benefit from increasing rents in this Madison Park area.Hay and Berger recently completed the conversion of the nearby 76 Madison Avenue into luxury condos and will now have a hand in shaping the tenancies on the block.In the early 20th century, the two-story space that Le Trapeze occupies was the English Tap Room pub for the former Prince George Hotel, right next door on E. 27th St.