The Real Deal New York

Grace’s Marketplace family buys Carnegie Hill retail for $30M

Citibank branch occupies ground floor of Tamarkin-developed condo building

April 03, 2015 10:15AM
By Mark Maurer

1273 Broadway

From left: 1273-1281 Madison Avenue in Carnegie Hill and Richard Wagman (credit: Bisnow)

The Doria family picked up a retail condominium at the base of a 10-story Carnegie Hill building for $30 million, The Real Deal has learned.

The founders of the gourmet grocery store Grace’s Marketplace added to their retail portfolio with a roughly 8,000-square-foot space at 1273-1281 Madison Avenue, also known as 47 East 91st Street, according to sources familiar with the deal. Madison Capital, led by Richard Wagman and J. Joseph Jacobson, and equity partner Prudential Real Estate Investors owned the unit, which is fully occupied by a Citibank branch.

Moshe Majeski of the Moshe Group represented both the buyer and the seller. Majeski declined to comment, while the buyer’s attorney Philip Bornstein could not be reached.

The condo last sold for $20.3 million in 2013, as TRD reported.

In 2004, Cary Tamarkin’s the Tamarkin Company finished developing the roughly 44,000-square-foot residential condo building, which has seven full-floor units and a duplex penthouse.

Local community activists, including Woody Allen, had protested Tamarkin’s plans to develop a 17-story condo building, leading him to build a smaller version.

In February, the Dorias closed on a retail space at a 12-story building at 261 Broadway in Tribeca.