Harlem Pioneer Eugene Giscombe Passes Away

Giscombe brokered one of Harlem’s biggest retail sales: a portfolio of 16 retail buildings that traded for $50 million.

NEW YORK CITY—Giscombe Realty Group founder, president and chief executive Eugene Giscombe has died. The founder of the Harlem commercial real estate firm—known affectionately by many as the “Mayor of 125 ^th Street”—passed away Sunday, July 10 unexpectedly from a brain aneurysm at the age of 76. “The Mayor’s” experience in Harlem went back 30 years, before Harlem was considered viable for a deal. He founded his real estate services firm in 1982, helping to put the area on the industry’s radar screen, and also became a community leader. Giscombe’s family’s real estate legacy that started in the Harlem community with his grandfather, Lawrence Giscombe. Giscombe Realty served a wide range of clients, including owners, developers, financial institutions, non-for-profits, pension funds, government agencies and other private business owners looking to buy, lease or manage space in Harlem and throughout the city. The firm’s acquisitions, developments, relocations and management ventures on the 125th Street corridor—Harlem’s main commercial artery—grew to nearly 500,000 square feet, including Chase Manhattan Bank, Fourth Federal Savings and Loan, New York State Supreme Court, Bechtel Infrastructure, Beth Israel Medical Center, the Harlem Commonwealth Council, New York College of Podiatric Medicine, the Jewish Theological Seminary and more. Eugene Giscombe brokered one of the biggest retail sales in Harlem: the sale of 16 retail buildings for $50 million in 2007. The properties—located at 112-118 W. 125th St., 250 W. 125th St., 301-303 W.125th St. and 2331-2349 Frederick Douglass Blvd—span 35,000 square feet. The per-square-foot price of $1,430 was then the highest price paid for retail space along 125th Street. Giscombe Realty Group’s headquarters for over 35 years was in one of Harlem’s most iconic office buildings: the 12-story Lee Building at 1825 Park Ave. and 125 ^th Street, adjacent to the Harlem train station for Metro North. Giscombe purchased the building in 1979 for $40,000 and recently said it was the best decision he ever made “besides marrying my wife.” He sold the property in December 2015 for $48 million to Savanna Partners. He was an active community leader, serving in leadership for numerous area organizations, including as chairman of the
125th Street Business Improvement District. Giscombe began his real estate career in 1972 as head of the sales department at Webb
& Booker, another Harlem-based real estate firm. While there he represented major banks, such as Manufacturer’s Hanover, and managed
 such area office buildings as the C.A.V. Building at 125th and Lenox Ave., 55 W. 125th Street—where Bill Clinton had his offices—and the historic Kenwood office building at 144 W. 125th St., which houses the Harlem Studio Museum. Giscombe leaves behind his wife Shirley and children Lesley, Susan and Lasalve, brothers Gary and Ronald Giscombe and several nieces and nephews. The family is planning a memorial service in September to celebrate his life. Donations in Giscombe’s name may be sent to Harlem Academy, 1330 Fifth Ave., New York, NY 10026 or Harlem Branch YMCA, 5 W. 63 St.7th Fl., New York, NY 10023.