158 Rivington ‘State Bank’ Building on the Market for $7.25M

Posted on: July 15th, 2013 at 5:27 am by and
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The six-story tenement at 158 Rivington just hit the open market. Massey Knakal was retained to sell the property, which now lists an asking price of $7.25 million. For the wad of doobage, an investor will obtain two ground-level retail uunits and nine residential apartments up above. There’s even a subtle penthouse with outdoor terrace, leaving roughly 2,151 square-feet of developable air rights.

This Massey Knakal listing, as with others, relies heavily on the proximity to the SPURA as a major selling point. That redevelopment is still years away from reality.

The subject property is a 6-story walk-up building (with air rights) located on the north side of Rivington Street between Suffolk and Clinton Streets. The unit breakdown consists of 2 retail units on the ground floor, and 9 residential units on the upper floors. Of the residential units, there are two 1-bedroom units on floors two through five and a 2-bedroom penthouse on the 6th floor. Tenants pay their own heat and hot water and the building was gut renovated in the 90’s. Recent improvements include a new rooftop penthouse with outdoor terrace. The building is steps from the Seward Park Urban Renewal Area (SPURA). Community Board 3 recently approved the city’s land use application for a 1.65 million square foot mixed-use project, which would bring approximately 900,000 square feet of new apartments and 600,000 square feet of shops and community facilities to the Lower East Side.

Built in 1900, the then-three-story building would later become HQ for the “Clinton Branch” of The State Bank. Its tenure here would only last a few years. Decades on, Wittmayer Photographers, which was already an established studio next door at 156 since 1917 (ABC No Rio), purchased 158 and expanded his successful enterprise. Business patriarch Gus Wittmayer became a well-respected documentarian of immigrants on the Lower East Side. The studio eventually relocated to Atlanta in 1978 where it still operates. These days, it’s home to the Alife Rivington Club.

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[Gus Wittmeyer Photographers, c. 1984]

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