Ideal Hosiery Federal Row House for Sale at $5 Million

Posted on: June 19th, 2013 at 5:22 am by and
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News of 339 Grand Street breaks on the ever-changing shoreline of the Lower East Side this morning. The historic three-story row house at the corner of Ludlow is now listed on the chopping block for $5 million, immediately calling into question the fate of the ground-level business. Indeed, Ideal Hosiery, run by the Auerbach family (N&F Realty) actually owns the building. Sad.

Broker materials on the property reveal that it’s a “prime user opportunity” for an investor to place a restaurant, art gallery, or supermarket here. The listing goes on to say that 339 Grand is being sold “as is” and requires a gut renovation in order to survive. That, or it can be knocked down for an 8,600 square-foot building, allowable under current zoning.

Ideal Hosiery is of a dying breed around here. Pop by Sunday afternoons and you’ll often see a minyan (Jewish prayer session) happening.

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Preservationists and neighborhood activists, however, should certainly be worried. 339 Grand Street is a Federal-style rowhouse that was built in 1832. Even though its storefront is not original, the building has remained as is since 1932. The address is not designated a landmark by the city of New York.

According to the New York Landmarks Conservancy:

333-339 Grand Street is a row house that had undergone some alterations, but still had many details intact. By 2003, the immediate neighbor at #337 had been altered to the point where it could no longer be recognized as anything historic, splintering the the row, and diminishing the character of the block.

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