By libby kesil
Staff Writer
RED BANK – Real estate developer, Galleria owner and socialite Theodore G. Sourlis, 70, of Red Bank, died Dec. 7. He was a central figure in the revitalization of Red Bank.
The Arts and Antiques District began with the Galleria. Built in the early 1900s by the Eisner family as a uniform factory, the Sourlis family acquired the building and converted it into offices, retail stores and restaurants.
Geoff Brothers, who owns Brothers Commercial Brokerage in the borough, remembers walking with Sourlis through the Eisner building before it was converted. Brothers said he remembers listening to Sourlis explain his vision of converting the structure into retail and offices.
"Ted was great," he said. "In my opinion, he was a visionary, the likes of which Red Bank has never seen, with his concept of the Galleria."
Brothers said that Sourlis owned properties all over the west side and conceived of an aggressive plan to develop hotels, high-rise apartments, luxury condos and townhomes in the area.
"Unfortunately, the market turned on him, and it didn’t work out," said Brothers.
Brothers called the Galleria an indelible landmark in Red Bank, recognized as a model for upscale retail and office space in the tri-state area.
Daniel Murphy of Danny’s Steak House on Bridge Avenue across from the Galleria agrees with Brothers’ assessment of Sourlis. He called both Ted Sourlis and his wife, Elaine, "definitely ahead of their time" and credited them with "foresight and vision" in their plans for development along the river.
"The two of them had quite a lot of money," said Murphy. "Ted was a fighter. He almost liked it [the battle]. If he made up his mind, nothing stood in his way. His strength is Elaine. People talk about a rock; she is a mountain. The two of them were a major force. They thought big, really big. They thought outside the box."
The Sourlises had a high profile in the borough during the 1980s, with ventures such as the Courts at Red Bank, an office complex on Maple Avenue, and a 40-unit apartment complex on Locust Avenue among other properties in the borough.
While no one would deny that Sourlis played a huge role in shaping Red Bank, Brothers acknowledged that he was not always a popular figure.
"A lot of people didn’t like him. He was aggressive and a no-nonsense, very intelligent man. His vision for Red Bank was phenomenal."
Not all of the news was good for Sourlis during the time he was trying to see his vision through in the borough. A crash in the real estate market led to his filing for Chapter 11 bankruptcy in 1990, and later in the decade a fraud conviction resulted in a $1 million fine and a 23-month federal prison sentence.
Despite the difficulties, his influence in the borough remains.
"He wasn’t afraid to go after something." said Murphy. "He played a major role in Red Bank,"
"We got along great," said Brothers. "It is really a shame that he passed away. He was a legend in our time."