The Art & Design building, a showroom and office space on 1059 Third Avenue, has been purchased for $31.6 million by a foreign developer who plans to tear it down and build luxury condominiums.

The site at Third Avenue and 63rd Street has about 52,500 buildable square feet and 22,250 rentable square feet, The Real Deal reported. Marcus & Millichap represented the seller and Massey Knakal represented the buyer.

The original listing price of the five-story commercial property was $32.5 million; the buyer, who has not developed real estate in New York City before, paid all cash and closed in 30 days. The seller was an LLC associated with the Battaglia family, according to public records.

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