Eastern Consolidated has arranged the sale of a two-story retail building at 7 East 53rd Street between Fifth and Madison Avenues occupied under a NN lease by established global bakery/restaurant brand Le Pain Quotidien. The property traded for $15.25 million.
Eastern Consolidated Vice Chairman and Principal Brian Ezratty and Director Evan Papanastasiou, represented the seller, Bank of the Philippines, and Ezratty procured the buyer, BLDG Management Co. Scott Ellard, Principal and Vice President, Financial and Information Services, served as the analyst.
“We had a great deal of interest in this retail property because it’s a stable, cash flowing asset with an international tenant, and irreplaceable bricks in a terrific part of Manhattan,” Ezratty said.
Papanastasiou continued, “The location of the building made it particularly desirable. It’s surrounded by arguably the best retail in the world, being only steps from Fifth and Madison Avenues. It also benefits from being directly next to the popular and historic Zion & Breen designed, Paley Park.”
The building totals approximately 5,284 gross square feet and features ground floor ceiling heights of up to 13.8 feet with 9.9-foot and 8-foot ceilings on the 2nd floor and cellar level, respectively. The property also is steps from the stations for the E and M subway lines, through which thousands of commuters pass on a daily basis.
The tenant, Le Pain Quotidien operates more than 220 locations in 17 countries across the globe.
Attorneys Steven R. Hochberg and Florian Ellison of Stempel Bennett Claman & Hochberg, P.C. represented the seller, while Gary Kleinman and Karen Geringer of Greenberg Traurig, LLP represented the purchaser.
