The Real Deal New York

Malachite Group picks up LES retail building for $26M

TD Bank, Bank of America are current tenants at 314-320 Grand St.

February 06, 2015 01:02PM
By Tess Hofmann

314-320 Grand Street on the Lower East Side (inset: Michael DeCheser)

314-320 Grand Street on the Lower East Side (inset: Michael DeCheser)

Real estate investment firm the Malachite Group purchased a four-story retail building on the Lower East Side that currently houses TD Bank and Bank of America for $25.6 million, according to property records filed with the city today

The seller of 314-320 Grand Street was the Amster family. Massey Knakal Realty Services, now part of Cushman & Wakefield listed the 35,000-square-foot building, which includes office loft space, in July 2013 and it was reported that they expected to fetch up to $30 million.

Massey Knakal’s Michael DeCheser said at the time that the building was ripe for residential conversion. No permits have been filed for conversion.

Representatives from the Malachite Group were not immediately available to comment.

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