Upper East Side Home to E.A.T. Sells [Updated]
By Lauren Elkies Schram February 14, 2014 11:51 am
reprints
The building that houses Upper East Side E.A.T. gourmet deli and restaurant has sold for $26 million, according to public records.
Cartis Corporation sold the walk-up apartment building at 1064 Madison Avenue, between 80th and 81st Streets, to B&J 609 LLC and WB 1064 Madison LLC in a sale that closed January 30 and was recorded with the city on February 7.
When asked what would happen to the 140-seat E.A.T., someone at the gourmet deli and restaurant who got on the phone said, “Nothing is going to happen here,” and directed a reporter to the office. The store’s general manager wasn’t immediately available for comment.
A call to Cartis yielded a “no one here is available,” remark.
A spokesperson for Massey Knakal said E.A.T. has 14 years left on its lease.
Opened in 1973, E.A.T is the first shop of Eli Zabar, who is behind the neighboring E.A.T. Gifts as well as the Vinegar Factory further uptown and a slew of other eateries and related shops.
“This sale is exemplary of long term ownership capitalizing on the recent spike in activity of the sale of retail driven properties along the Madison Avenue corridor. This is due to the almost doubling of retail rents on the East 60s and East 70s in the last 18 months,” Massey Knakal Realty Services’ Thomas D. Gammino, Jr., who exclusively handled the transaction, said in a prepared statement.
The five-story building contains approximately 11,539 square feet. E.A.T.’s restaurant is on the first and second floors, the restaurant’s office is on the third floor, and above that are
eight occupied residential units. The property has an additional 16,461 square feet of development rights.
Update: This story was edited to reflect a comment from the broker in the deal as well as more details about the building and lease terms for E.A.T.
