Former Greek Cuisina Building Acquired for $1.2 Million

The historic Merchant Banker Building, once home to the popular restaurant Greek Cuisina, has been sold for $1.2 million. According to city records, the transaction took place on March 4, 2023, with Gilbert Leon purchasing the property through his limited liability company, Gilman Holdings. The building, located at 418 SW Washington St., had been listed at $1.95 million, reflecting a significant reduction from its last sale price of $6.1 million in 2019.

This sale was first highlighted by urbanist Iain Mackenzie, who noted the building’s history. Built in 1898, the structure spans approximately 22,920 square feet. Prior to this transaction, it was owned by CPIF PDX LLC, which acquired the property earlier this year. The new owner, Leon, is involved in several nightlife venues in the area, including LULU cocktail lounge and establishments in the Pearl District.

The building’s past includes ambitious redevelopment plans by previous owner Parker McNulty, who aimed to create office spaces on the upper floors, retail on the ground level, and a speakeasy venue below. Unfortunately, those plans stalled due to unpaid property taxes. Greek Cuisina, known for its vibrant atmosphere and a giant inflatable purple octopus that adorned its awning in the 2000s, has been closed since 2010.

The transition of ownership marks a new chapter for a building that has played a significant role in the local nightlife. While details of Leon’s plans for the property remain unclear, the purchase price suggests a strategic opportunity for potential redevelopment in the future. The evolving landscape of this historic building will be closely watched by both community members and real estate analysts alike.