The Real Deal New York

Family behind Grace’s Marketplace snags retail condo at Tribeca property

Klein Group sells 14K sf space along Broadway for $22M

February 10, 2015 02:00PM
By Mark Maurer

grace

From left: 261 Broadway in Tribeca, Jacob Klein and 1299 Second Avenue on the Upper East Side

The Doria family, which founded the popular gourmet grocery store Grace’s Marketplace, has acquired the retail component at the base of a 12-story Tribeca building at 261 Broadway for $22 million, The Real Deal has learned.

The Klein Group, a Florham Park, N.J.-based investment firm led by Jacob Klein, and equity partner Alto Investments sold the roughly 13,800-square-foot retail condo, including the ground floor and lower level, last week, according to sources close to the deal. A Bank of America branch occupies about half of the space; the remainder is vacant. The condo contains a total of 8,800 square feet on the ground floor, and 5,000 square feet in the basement.

The Moshe Group’s Moshe Majeski represented both sides in the off-market deal. Majeski declined to comment, as did the buyer’s attorney Philip Bornstein.

The building has the alternate addresses of 260 Broadway and 2-6 Warren Street.

The Long Island-based Doria family relocated the home of its flagship store last year to 1299 Second Avenue on the Upper East Side, after Joseph Sitt’s Thor Equities bought the long-time space nearby at 1231-1237 Third Avenue for $52.5 million, as TRD reported.

In October, the Doria family sold the retail condo at 90 Prince Street in Soho to Sitt Asset Management for $49 million, or nearly $18,000 per foot. Italian designer Moncler occupies that space.

The other Grace’s stores are located at 1735 Park Avenue in Harlem and 81 Glen Cove Road on Long Island.

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