Grace’s Marketplace family buys Carnegie Hill retail for $30M

Citibank branch occupies ground floor of Tamarkin-developed condo building

New York /
Apr.April 03, 2015 10:15 AM

The Doria family picked up a retail condominium at the base of a 10-story Carnegie Hill building for $30 million, The Real Deal has learned.

The founders of the gourmet grocery store Grace’s Marketplace added to their retail portfolio with a roughly 8,000-square-foot space at 1273-1281 Madison Avenue, also known as 47 East 91st Street, according to sources familiar with the deal. Madison Capital, led by Richard Wagman and J. Joseph Jacobson, and equity partner Prudential Real Estate Investors owned the unit, which is fully occupied by a Citibank branch.

Moshe Majeski of the Moshe Group represented both the buyer and the seller. Majeski declined to comment, while the buyer’s attorney Philip Bornstein could not be reached.

The condo last sold for $20.3 million in 2013, as TRD reported.

In 2004, Cary Tamarkin’s the Tamarkin Company finished developing the roughly 44,000-square-foot residential condo building, which has seven full-floor units and a duplex penthouse.

Local community activists, including Woody Allen, had protested Tamarkin’s plans to develop a 17-story condo building, leading him to build a smaller version.

In February, the Dorias closed on a retail space at a 12-story building at 261 Broadway in Tribeca.


Related Articles

arrow_forward_ios
The grand reopening: As restrictions lift, CRE markets race toward recovery
The grand reopening: As restrictions lift, CRE markets race toward recovery
The grand reopening: As restrictions lift, CRE markets race toward recovery
The colorful Prizm Outlet in Nevada. (Prizm Outlet via Facebook)
Mall short-sellers see a big payout from Nevada mall auction
Mall short-sellers see a big payout from Nevada mall auction
Smaller retailers are snapping up Manhattan’s empty storefronts for shorter, cheaper leases (iStock)
Small retailers slip into city’s empty storefronts on the cheap
Small retailers slip into city’s empty storefronts on the cheap
Charlie Kushner, Laurent Morali, Nicole Kushner with Monmouth Mall (Google Maps, Sasha Maslov, Getty)
Kushners fend off rival developers for NJ mall
Kushners fend off rival developers for NJ mall
Urban Outfitters at 526 Avenue Of The Americas (Google Maps, Getty)
Urban Outfitters shutters longtime store near Union Square
Urban Outfitters shutters longtime store near Union Square
Retailers rush to open in the Hamptons
Retailers rush to open in the Hamptons
Retailers rush to open in the Hamptons
President & CEO of Northwood Investors with 520 and 524 Broadway. (Getty, Google Maps)
Northwood buys two Soho buildings for $325M
Northwood buys two Soho buildings for $325M
Many people are excited for shoppers to return, but many have switched to e-commerce. (Getty)
Is e-commerce king? Retailers reflect on pandemic changes during earnings calls
Is e-commerce king? Retailers reflect on pandemic changes during earnings calls
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...