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NEW YORK CITY — Marcus & Millichap has arranged the $31.5 million sale of the Art & Design Building at 1059 Third Ave. in Manhattan. The price translates to $1,146 per square foot, setting a new record for East Midtown commercial real estate, according to a statement. The buyer plans to demolish the 22,250-square-foot office, showroom and retail building and develop the property into high-end condominiums. The property is located near Trump Plaza, Bloomingdale's and the Bloomberg Building. Tanya Siegel and Kailin Zhu of Marcus & Millichap represented the seller in the transaction. Massey Knakal represented the buyer.