Orchard Hell Building Pitching to “Stylish” Commercial Tenants

Posted on: July 9th, 2012 at 6:09 am by
This image has been archived or removed.

Those rusty, un-oiled gears are creaking back to life behind the scenes at the Orchard Hell Building. This punchline (nay, punching bag) of a development, located at 180 Orchard Street, has been the bane of many in its eight-year existence as a stalled eyesore. Seriously, that’s pretty much a decade of dormancy. Hard to believe.

In May 2011, the joint venture of Brack Capital and InterContinental Hotels Group purchased the beleaguered assets for a hefty sum of $46 million, signaling that change was on the horizon. A 290-room Hotel Indigo, in fact. However, said horizon is not any closer a year on, as little to no work has transpired here in the interim.  Unless you count some dumpster action spotted onsite back in February.

This image has been archived or removed.

While we haven’t spotted any return to construction recently, a new leasing banner just appeared above the front door to the future lodge. CBRE has been tasked with placing tenants in this “prime retail space,” preferably catering to those who “eat, drink, and shop in style.” Not sure where these images were sourced from, but not really looking forward to any of this.

Anyway, according the listing for 180 Orchard Street on the official CBRE website, this 8,406 square-foot retail space carries a hefty price tag. $125 per square-foot per year, which equates to $87,562.50 in monthly rent.  Expect no mom-and-pops here. Indeed, what can really afford that rent but a big box establishment or other such corporate franchise with deep pockets?

This image has been archived or removed.

Brokers seem overly optimistic that the ground level will be ready to rent by second quarter of 2013. Basically buying themselves another year.

Recent Stories

Displaced Chinatown Business Returns Months After Devastating Fire

Four months after a deadly fire knocked out 78 Mulberry Street, one of its businesses returned to the scene. Ewa Trading Company reopened in its former Chinatown home earlier this week. The store had spent some of the interim displacement period selling from a shuttered Vietnamese restaurant a few paces north. The two-alarm fire broke […]

EDC Sues Essex Restaurant for Back Rent over Former Essex Market Lease

Three years removed from its relocation across Rivington Street, the city filed suit against the Essex restaurant for alleged unpaid rent. The Economic Development Corporation (EDC) sued Essex for nearly $60,000 in unpaid back rent on the former Essex Market building it previously occupied, according to the lawsuit filed Monday. The city entity claims that […]

Exile on Orchard Street: Tenement Museum Recreates Exhibits During Renovations

The Tenement Museum is amidst a preservation project at 97 Orchard Street, but will continue its programming with replicas not too far away. The 1863-era tenement this past Sunday embarked on “vital” restoration work to preserve its walls, floors, roof, as well as the installation of a new HVAC system that will provide improved climate […]

Former Home of Stanton Social on the LES Hits Market for $5.9M

Stanton Social has been in the grave for nearly four years. Now, its former home is back on the market. The two-story building – located at 99 Stanton Street in Hell Square – carries an asking price of $5.9 million. B6 Real Estate Advisors is listed as the exclusive brokerage for the property, which has […]

DOT to Pave Pock-Marked Pell Street; Sheds Removed

Pell Street is finally on deck for a resurfacing, forcing numerous Chinatown businesses to dismantle their street shed annexes. Those who operate outdoor dining sheds along Pell Street received notice this week from the Department of Transportation to dismantle structure ahead of scheduled street repaving. This small neighborhood street – which once terminated at Division – […]