For at least the past 10 years, developer Brad Malsin has had his eye on the Shleifer Furniture building at 509 S.E. Grand Ave.
Stuart Shleifer knew this, so when it came time to close his family's furniture business — after 80 years — and sell the building, he knew where to turn.
Shleifer announced this week that he has sold the 1906 building to Malsin, head of Beam Development. The furniture company, which Shleifer's grandfather and father started in 1936, will remain in the building while it holds an inventory clearance sale. Malsin said that will likely unfold over the next six to nine months or so. After that, Malsin plans to restore the roughly 45,000-square-foot building and convert it into one of its past uses: a hotel.
"I think there's obviously a need for some hospitality on the Eastside," said Malsin, who did not disclose the sale price of the building. "This is one of the most intact historic buildings in the Central Eastside, so we'd love to restore it into something hospitality-related, probably a hotel with a restaurant."
In addition to the main Shleifer building, Malsin also purchased the company's 15,000-square-foot warehouse on Southeast Second Avenue and Southeast Ash Street. He plans to turn that into creative office space.
Stuart Shleifer has been involved with the family business since 1971. He and his brother took ownership soon after that. Having recently turned 70, Shleifer noted in the release that his own children have chosen other career paths, so he made the decision to retire and close the business for good. Shleifer Furniture currently employs about 20 people.
"I've done my best to make sure the building, and our business, was a cornerstone of many of the things going on around here," Shleifer said. "(Beam Development is) very active in, and supportive of, this area. They understand buildings of this generation, and they'll do a fantastic job with historic renovations."
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