NEW YORK—Marcus & Millichap Real Estate Investment Services’ Tanya Siegel and Kailin Zhu, investment specialists, have arranged the sale of the Art & Design Building at 1059 Third Ave. in Midtown Manhattan on behalf of the seller for $31.5 million.

J.D. Parker, vice president and regional manager of the Manhattan office and the firm’s broker of record for New York State, also assisted in closing the transaction. The buyer was represented by Massey Knakal.

The sale was an all-cash transaction.

“This sale marks a record price per-sq.-ft in east Midtown since 2008,” said Siegel. “The buyer plans to demolish the building and redevelop it into a high-end condominium project. Condo sell-off prices in this neighborhood currently exceed $2,000 per sq. ft.”

Comprised of five stories, the property is located on Third Avenue between 62nd and 63rd streets and offers 50 ft. of frontage, and 22,250 rentable sq. ft. of office and showroom space and one retail store.