Two-and-a-half years ago, word spread across the Lower East Side that Zarin Fabrics was downsizing the business. Real estate listings published at the time certainly indicated as much, revealing that the third-generation family-run operation was prepared to lease the ground floor. That obviously didn’t happen, but now something more major is apparently afoot at 314-320 Grand Street.

It appears that the valuable corner property is now for sale, this latest according to a recent Trulia listing (admittedly for an “undisclosed address). The owners are looking to fetch $32.27 million for the four-story white-brick building. Zarin Fabrics and Bank of America anchor the first floor commercial spaces on the Grand Street front; Howard’s Sportswear and The Cast are keepin’ it real on the Orchard front. And the roof houses cell towers for Sprint and T-Mobile, which is an additional source of revenue.

This of course puts into question the possible longevity of Zarin at this address. But that’s another story altogether.

Zarin Fabrics is a third generation family-owned business first established in 1936 by patriarch Harry Zarin. Like many Lower East Side rags-to-riches stories, the discount designer began as a pushcart operation on Orchard Street, and eventually graduated to brick-and-mortar.  Business operations are now run by Zarin’s grandson David.