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

Posted on: February 10th, 2015 at 5:10 am by
This image has been archived or removed.

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.

Recent Stories

East Broadway Subway Station Turns 85

The East Broadway subway station wasn’t always a shady dungeon attracting crime. Once upon a time, the transit stop inspired celebrations across the Lower East Side. It was exactly eighty-five years ago – January 1, 1936 – that the East Broadway subway station debuted to the public. The feat of subterranean engineering, then known as […]

Looking at the New Ludlow House Annex Atop Demolished Libation Site

Well, that was quick. With Libation excised from the Lower East Side, the hole is now filled. Taken over by Ludlow House. The building at 137 Ludlow Street was demolished last year, and replaced in a matter of months. In fact, it’s already operational. The architecture of this one-story newcomer mirrors design elements of its […]

Stringer Promises ‘Fair Share’ of PPP for City Businesses

City Comptroller (and mayoral candidate) Scott Stringer held a press conference yesterday at the Chinatown kiosk on Canal Street, announcing a plan to funnel federal Payroll Protection (PPP) dollars to New York city businesses. It certainly triggered an uncomfortable memory of last year’s PPP fiasco. The first round of PPP went into effect just a […]

‘Open Streets’ Town Hall Yields More Questions than Answers

Tuesday night’s Town Hall on Open Restaurants and Open Streets, hosted by Community Boards 3 and 6 – left residents with more questions than answers regarding the long-term impact these pandemic-era health and economic neighborhood solutions have on a post-COVID city. However, the online meetup did bring a wide scope of information in terms of […]

Unused Half of Bowery’s Sunshine Hotel Flophouse Available to Rent

The leasing banner has been strung from the facade of 241 Bowery for more than two years. Without much success. The second and third floors (combined 8,938 square-feet) – once part of the Sunshine Hotel flophouse – are again on the market. And at a hefty price: $6,495 for a “raw” space that requires renovations […]