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New York

John Catsimatidis to sell Gristedes HQ for $55M

Development firm Sumaida + Khurana is buying the property, which is zoned for a condo- or hotel project

From left: 823 Eleventh Avenue and John Catsimatidis
From left: 823 Eleventh Avenue and John Catsimatidis

Former mayoral candidate and grocery store magnate John Catsimatidis is selling Gristedes’ corporate headquarters to development company Sumaida + Khurana for $55 million.

The six-story office building on the corner of 56th Street at 823 Eleventh Avenue, which also houses a Lexus showroom, is zoned for a hotel or condo tower that could be as much as 128,400 square feet, according to the New York Daily News.

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HFF’s Eric Anton was the broker on the transaction, the newspaper reported.

Catsimatidis is expected to move his grocery store’s corporate offices to 1790 Broadway, which he also owns, the newspaper reported.

Sumaida + Khurana is also developing a seven-unit residential project at 152 Elizabeth Street, designed by Japanese architect Tadao Ando. [NYDN] — Claire Moses

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