L.I. company pays $4M for Plaza District retail condo

Foot traffic, rents on the rise along East 57th Street
January 21, 2013 01:30PM

Malachite Services, a Long Island-based real estate company, has purchased a 5,315-square-foot retail condominium at 212 East 57th Street for $4.05 million, the New York Observer reported. The space, located between Second and Third avenues in The Plaza District, is now occupied by the furniture gallery ILIAD New York, whose lease expires in 2019.

Sutton 57 LLC is the seller of the retail condo and was represented by the Eastern Consolidated team of Brian Ezratty, Martin Ezratty and Scott Ellard. Martin Ezratty represented Malachite.

The sale closed on Dec. 19.

The retail strip of 57th Street Near Third Avenue is becoming more popular and foot traffic is on the rise Martin Ezratty told the Observer. “It’s just more and more activity in the city, and the rents that you would pay in the Fifth Avenue area are much more expensive,” he said.

As previously reported, the Plaza District in August was the Midtown submarket with the highest Class A vacancy rate. However neighborhood asking rents at that time remained among the highest in the city. [NYO]Zachary Kussin