The Real Deal New York

Home of Citarella’s UES store hits market for $45M

Third Avenue rental building has nearly 60K buildable sf
By Mark Maurer | June 19, 2015 02:40PM

Investors Penny Silberberg and Steve Silverberg are asking $45 million for a five-story Upper East Side rental building with gourmet grocery store Citarella at the base, The Real Deal has learned. 

The walk-up property at 1313-1315 Third Avenue, near East 75th Street, spans 24,000 square feet and offers an additional 35,000 buildable square feet. The owners, who previously operated New Crown Realty Associates LLC, have owned the building since 1993, records show.

Of the 32 apartments in the building, 80 percent are market-rate units. All the apartments are one-bedroom units except one studio. The capitalization rate on the property is just over 2.1 percent.

Marcus & Millichap’s John Stewart and Michael Sadowsky are marketing the property, which was erected in 1910 and last renovated in 1997.

“The great thing about this site is that you can build something substantial and likely keep Citarella as a tenant,” Sadowsky told TRD.

The asking price per buildable square foot comes out to $763.

Elsewhere on the Upper East Side, the daughter of a former Bear Stearns CEO put a mansion at 10 East 75th Street on the market for $38.5 million. Also, Kuafu Properties entered contract for a $300 million-plus development site, as TRD reported, and O’Connor Capital Partners is converting the Wellington rental tower into condominiums.