Year-Old Development at 324-326 Grand Street Listed for $33M

Posted on: December 3rd, 2018 at 5:00 am by

324-326 Grand Street

It was nearly a decade in the making, but finally debuted in the spring of 2017. Now, the new mixed-use development at 324-326 Grand Street is officially on the market.

The new elevator building – complete with exterior art-washing by Cryptik – was listed last week for a wallet-busting $33 million.

There are two commercial units on the ground floor, while the 15 apartments on the upper levels host the German-based Quarters, which is a transient co-living concept. This was the first stateside location for the company, which also boasts a lodge on East 5th Street.

(It’s worth noting that Quarters currently shells out $1.03 million per year in rent with 3% annual escalations until the end of the lease in 2027.)

Arash Rahmani is the owner of record for 324-326 Grand Street, operating under the shell company of Empire 326 Grand LLC (part of Empire Capital Holdings). Public records show that he purchased the dual property in February 2017 for $21.2 million.

324 Grand St., June 2009

Avison Young is the exclusive brokerage pitching the property.

This particular combined parcel was demolished back in 2008. Spearheaded by then-owner, controversial landlord Baruch Singer, the property was initially slated to become another of the posh boutique hotels that circle the neighborhood like a pack of vultures. But the eighteen-story lodge at 324-326 Grand was shelved rather quickly after the market tanked in the downturn.

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