Two-Story Retail Sells for $15M

BLDG Management Co. paid $15.3 million for a two-story retail building at 7 E. 53rd St., between Fifth and Madison Avenues.

“It’s a stable, cash flowing asset with an international tenant, and irreplaceable bricks in a terrific part of Manhattan,” said Brian Ezratty, vice chairman and principal with Eastern Consolidated, who represented both the seller, Bank of the Philippines, and procured the buyer.

The building has high ceilings and a gross square footage of 5,284 square feet — that works out to a price of $2,886-per-square-foot. The building is occupied by global bakery/restaurant brand Le Pain Quotidian, and abuts a Manhattan oasis, a historic pocket park called Paley Park.

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