Low-Rise Strip of 156-164 Delancey Sold for $6M

Posted on: April 1st, 2013 at 10:00 am by
This image has been archived or removed.

Six months on the market was all it took for the last low-rise strip on Delancey to sell. Ashkenazy Investments scooped up 156-164 Delancey from Yeshiva University for a smallish $6 million. Massey Knakal handled the transaction for the property, which had initially been listed for nearly half the sale price.

Massey Knakal chairman Bob Knakal told the Commercial Observer that “Retail properties like this are in extraordinarily high demand today, and with some repositioning, this asset can produce much more cash flow than it does today.”

To be honest, we’re a bit worried about the future of this Lower East Side parcel, as those air rights are just too valuable in this gentrifying part of town. It wouldn’t be much of a surprise to see ye olde demolition-to-high-rise transition here.

Below is the property description taken from the expired real estate listing:

The property experiences 109 feet of frontage in a high traffic location directly adjacent to the Manhattan entrance of the Williamsburg Bridge. The building is currently configured with 6 commercial units, 5 of which are occupied. The building receives additional income from billboard advertising on the roof. The 5 tenants have leases expiring between 2016 to 2021.

With a projection on the one vacant store, the fross annual income is $300,723. The expenses are estimated to be $89,631. The NOI (fully rented) is $202,071 per year. The majority of the stores have good upside potential in rent. The Seward Park Urban Renewal Area coupled with the building’s approximately 11,990 square feet of air rights presents 156-164 Delancey Street as a strong development opportunity.

Recent Stories

Developer Begins Demolition of Rutgers Street Playground for Temporary Parking Lot

Demolition work began this week on a Lower East Side park that is a focal point in the tension between the community and developers on the waterfront. The backhoes are out and job now underway at Rutgers Park, the small public space beside the Lands End II residential development. Removal of the playground began yesterday, including […]

The 3 Lower East Side Walk-ups that Sold for $35M

Earlier this month, we reported that SMA Equities, the Long Island real estate firm with controversial history on the Lower East Side, sold a portfolio of its area properties. SMA unloaded three tenement walk-ups to Daniel Fishman of GAIA Real Estate – 102 Norfolk Street, 177 Ludlow Street, and 99 Allen Street – for an […]

H&M Debuts Pop-up Hotel on the Bowery this Weekend

Fashion retailer, H&M, is headed to the Lower East Side this week with a pop-up hotel concept. Starting tomorrow, prospective guests can access the so-called Hotel Hennes via the eponymous 3 Freeman Alley. The three-day publicity stunt will be open through Saturday, from 2 to 9pm. Guests will be able to check in for an […]

Sneakerhead Arrested for Knifing Customer at Hypebeast ‘HBX’ Opening on Division Street

A watershed moment for Hypebeast transformed into a melee on the Lower East Side last week. The Hong Kong-based fashion and lifestyle publication on Friday officially debuted in the seven-story commercial loft building at 41-43 Division Street. Its ground-level store – dubbed HBX – attracted a queue of sneaker heads waiting for a limited edition Nike […]

Arsonist Torches Eldridge Street Beauty Parlor

Two people were injured yesterday evening after an arsonist set ablaze a beauty parlor on Eldridge Street, according to several published reports. The incident transpired shortly before 5:00pm at the Sa Sa II Beauty Salon, located at 129 Eldridge Street. Cops said the suspect poured gasoline inside the store and set it on fire. (Initial […]