Mineola, Long Island-based real estate company, Malachite Services, acquired a retail condo at 212 East 57th Street for $4.05 million. The 5,315-square-foot ground and lower ground floor gallery space is occupied by ILIAD New York, a world class purveyor of Austro-Hungarian, Biedmermeier, French art Deco and art modern furniture.
The seller, Sutton 57 LLC, was represented by Eastern Consolidated vice chairman, Brian Ezratty, and director, Martin Ezratty, with director of financial services, Scott Ellard. Martin Ezratty also represented the buyer. The deal closed on December 19.
“ILIAD’s lease does not expire until 2019, offering the new owner an in-place, tenant for the next six years with minimum management required,” Martin Ezratty said, as part of a prepared release.
The 57th Street retail corridor is becoming more desirable further out to Third Avenue, Mr. Ezratty explained. “It’s just more and more activity in the city and the rents that you would pay in the Fifth Avenue area are much more expensive.” Foot traffic in the eastern section of 57th street is also improving, he added.
“The space is magnificent, fitting for a luxury retailer on a premier Midtown boulevard,” said Mr. Ezratty, adding that an interior staircase connects the two levels of selling space for the gallery; the first of which has a 17-foot ceiling height.
Situated in New York City’s fashionable Plaza District, the condo benefits from the Architects & Designers and Decorators & Design buildings, as well as the entire surrounding interior design district. The East 57th Street area is anchored by Bloomingdales, Home Depot and Whole Foods.
Attorneys in the transaction were Wayne Lopkin, Esq. for the seller and Jay Yackow, Esq. for the buyer.
Malachite did not respond to calls for comment for this article.