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Shapolsky agrees to buy Union Square landmark.

Real estate investor Arthur Shapolsky has contracted to purchase the former American Savings Bank building at 20 Union Square East and the adjoining S-story property at 103 East 15th Street.

Shapolsky reports he has plans for a restaurant, club or a super bookstore or video center. Sources in Union Square say actor Dan Ackroyd and the owner of the Hard Rock Care were involved in the negotiations. A spokes-person for Shapolsky said he is doing "separate deals" for lease commitments, but he could not comment on those transactions.

Situated on 9,000 square feet of land facing Union Square Park at the northeast corner of 15th Street, the single story, 63-foot high building, with its four magnificent Roman columns in front, was built in 1923 on the site of the original Union Square Savings Bank, which opened in 1848. The American Savings bank ceased operations last August.

Shapolsky is purchasing the property from the estate of David Green.

Magnificent in its architectural detail, 20 Union Square East features five extraordinary 30-foot high cathedral windows, each treated with a wrought iron multiple ring motif. The building' s rooftop perimeter features a stone decorator fencing, which is enhanced by artisan masonry and ornate over-hangs. Interior features include an exquisite marble floor, granite back and side walls and a towering 50-foot high ceiling. The lower level has a kitchen and 15-foot high ceilings.

The adjoining property at 103 East 15th Street features a duplexed ground floor retail space and shares an elevator annex with 20 Union Square East.
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Title Annotation:real estate investor Arthur Shapolsky to purchase former American Savings Bank building at 20 Union Square East and adjoining property at 103 East 15th Street, New York, New York
Publication:Real Estate Weekly
Date:Jun 16, 1993
Previous Article:Non-profit signs at 120 Wall.
Next Article:Apartment building sold in all-cash transaction.

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