The Real Deal New York

Art gallery inks lease at Marolda Properties building

Diamondcity to pay $515 per square foot
January 20, 2015 09:10AM

Pastel prints will have to make way for dazzling artwork on the Upper East Side.

Contemporary art gallery Diamondcity signed a lease to open up at Marolda Properties’ 958 Lexington Avenue — Located Near East 70th Street — where it will replace former tenant, clothing retailer Roberta Freymann, according to the New York Post. The roughly 1,000-square-foot space is priced at $515 per square foot.

Diamondcity started online — where it launched its “jewelry for the walls” collection — and this is its first brick and mortar location.

Douglas Elliman’s Faith Hope Consolo and Joseph Aquino represented both tenant and landlord in the deal, the newspaper reported.

In August, the state Division of Housing and Community Renewal launched an investigation into Marolda for allegedly forcing tenants out of rent-controlled apartments. In 2012, the landlord sold off a Nolita portfolio for $33.5 million. [NYP, 2nd] — Claire Moses