Zarin Fabrics Building at 314 Grand Street Just Sold for $25.6M

Posted on: February 10th, 2015 at 5:10 am by
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It took nearly two years, but the Zarin Fabrics building at 314-320 Grand Street finally sold. The seller – Amster Family Investments – had first placed the 35,000 square-foot corner building on the chopping block back in June 2013. According to records filed Friday afternoon, the lucky buyer is the Malachite Group, who shelled out $25.6 million. That nut is approximately $4 million less than the most recent ask (the property was first listed for $32 million).

The four-story investment opportunity had been pitched as prime for residential conversion. However, we are told that Zarin Fabrics is not affected by this deal. Owner David Zarin confirmed as much in an email.

Meanwhile, TD Bank is still at work on its new branch at this address, its first in the 10002 zip code. Which means that 314-320 Grand will soon have two corporate banks (Bank of America is the other).

Malachite is still on a rebound of sorts in the city, having returned to local real estate three years ago. According to the Commercial Observer, owner Manny Malekan had amassed over 2,000 apartment units in the city during the 1980s, but sold the portfolio a decade later and decamped to other cities.

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