Grand Street retail building is latest to test LES market

July 29, 2013 04:00PM

Hot on the heels of a three-building portfolio sale on the Lower East Side last week, a four-story commercial building at 314 Grand Street, between Allen and Orchard Streets, is on the market and could nab as much as $30 million, Crain’s reported.

The approximately 35,000-square-foot building, long known for housing the ground-floor retail tenant Zarin Fabrics, is currently home to TD Bank and Bank of America and owned by the Amster family.

Michael DeCheser of Massey Knakal Realty Services is representing the Amsters in the sale, and told Crain’s the building could eventually be converted into residential use with a penthouse floor on top of the property.

“The building’s second floor has 20-foot high ceilings and the floors above that have 15-foot ceiling heights, which would make this a very attractive conversion,” DeCheser told Crain’s.

Last week, Waterbridge Capital purchased three contiguous properties stretching from nearby 57-63 Orchard Street for $27 million from the Goldman family. [Crain’s]Julie Strickland