1059 Third Avenue

The Art & Design building, a showroom and office space at 1059 Third Avenue, at 63rd Street, has sold for $31.5 million, representatives for the seller told The Real Deal.

The buyer, a foreign entity that has not developed real estate in New York City before, will demolish the building and develop luxury condominiums, said Tanya Siegel of Marcus & Millichap, who represented the seller with colleague Kailin Zhu.

The buyer was selected among hundreds of individuals and entities that expressed interest in the asset, Siegel said, because it was able to close in 30 days in an all-cash transaction. The original listing price was just $1 million greater than the final sale price, Siegel said. [more]