The Real Deal New York

Elaine’s restaurant finds a buyer

October 17, 2011 03:01PM


Neal Sroka, executive vice president of Prudential Douglas Elliman, and Elaine’s restaurant

A buyer has gone into contract on twin buildings, 1703-1705 Second Avenue, which once housed Elaine’s Restaurant, according to a market report from Olshan Realty and confirmed by Neal Sroka, executive vice president of Prudential Douglas Elliman, who marketed the property on behalf of the owner, Diane Becker, a longtime friend of Elaine Kaufman who was willed the property.

“There’s a contract out on it, that’s all I can say,” said Sroka, who declined to disclose the identity of the buyer or the value of the contract.

The property, which includes 16 residential units above the restaurant, spans 14,850 square feet along Second Avenue between 89th and 90th streets. The twin 25-foot-wide buildings went on the market in May and were listed for $9.5 million.

Elaine’s closed in May, six months after the legendary owner, Elaine Kaufman, died.

It was previously reported that Elain’es may be turned into a development site.”The people putting in offers now are all developers, who see the potential of the site that has air rights and could include the corner building,” Sroka was quoted as saying. “It’s [now] all about the real estate.” — Katherine Clarke

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