The Real Deal New York

Family behind Grace’s Marketplace snags retail condo at Tribeca property

Klein Group sells 14K sf space along Broadway for $22M
By Mark Maurer | February 10, 2015 02:00PM

The Doria family, which founded the popular gourmet grocery store Grace’s Marketplace, has acquired the retail component at the base of a 12-story Tribeca building at 261 Broadway for $22 million, The Real Deal has learned.

The Klein Group, a Florham Park, N.J.-based investment firm led by Jacob Klein, and equity partner Alto Investments sold the roughly 13,800-square-foot retail condo, including the ground floor and lower level, last week, according to sources close to the deal. A Bank of America branch occupies about half of the space; the remainder is vacant. The condo contains a total of 8,800 square feet on the ground floor, and 5,000 square feet in the basement.

The Moshe Group’s Moshe Majeski represented both sides in the off-market deal. Majeski declined to comment, as did the buyer’s attorney Philip Bornstein.

The building has the alternate addresses of 260 Broadway and 2-6 Warren Street.

The Long Island-based Doria family relocated the home of its flagship store last year to 1299 Second Avenue on the Upper East Side, after Joseph Sitt’s Thor Equities bought the long-time space nearby at 1231-1237 Third Avenue for $52.5 million, as TRD reported.

In October, the Doria family sold the retail condo at 90 Prince Street in Soho to Sitt Asset Management for $49 million, or nearly $18,000 per foot. Italian designer Moncler occupies that space.

The other Grace’s stores are located at 1735 Park Avenue in Harlem and 81 Glen Cove Road on Long Island.