Zarin Fabrics Giving Way to TD Bank on Grand Street

Posted on: July 30th, 2013 at 6:03 am by
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It’s a good thing Zarin Fabrics closed their ground level showroom because 314 Grand Street desperately needed another bank in its base. As part of the impending sale of the block-long building, TD Bank is slated to assume control of the coveted space… right next door to the Bank of America. Meanwhile, Zarin will apparently maintain a second-floor office and the basement warehouse.

The other casualty of this real estate travesty is Howard Sportswear, squeezed out due to escalating rents.

Crain’s has more on the situation:

TD Bank has since leased the former Zarin space from the building’s current owners, the Amster family, and is in the process of opening a branch there. Bank of America is the property’s other retail tenant. Michael DeCheser, a broker at Massey Knakal Realty Services, who is representing the Amsters in the sale, said the building could eventually be converted into residential use, with the potential addition of a penthouse floor on top of the property.

“The building’s second floor has 20-foot high ceilings and the floors above that have 15-foot ceiling heights, which would make this a very attractive [residential] conversion,” Mr. DeCheser said.

As first reported here in June, 314 Grand is on the chopping block for $32 million, and is being pitched as a prime residential conversion. Lofts!

Party’s over.

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