Ridge Street Portfolio of 3 Buildings Asking $54 Million
This image has been archived or removed.
The Lower East Side gold rush knows no bounds. Every property is ostensibly for sale. Whole swaths of territory are being packaged and doled to the highest bidder. Remember the Bowery portfolio that fetched $62 million last year? Well, a much smaller portfolio is attracting a smilar price. Let’s now take a gander at the eastern fringe of Rivington Street at its intersection with Ridge.
Eastern Consolidated dubs this particular spot as “an emerging corner of the burgeoning Lower East Side.” Code for – let’s continue the manifest destiny of gentrifcation here. The broker-babble cameos in a monster real estate listing for three contiguous mixed-use buildings on the northeast corner of Ridge and Rivington. The portfolio is pegged at $54 million.
Here are the pertinents:
The Ridge Street Portfolio is a three building, mixed-use portfolio consisting of 61 unique residential units, 3 street level retail stores and 1 community facility space. The three contiguous buildings located at 198-200 Rivington Street (aka 106-108 Ridge Street), 110-114 Ridge Street and 118 Ridge Street offer 175 feet of contiguous frontage on Ridge Street and are located on an emerging corner of the burgeoning Lower East Side. One building (110-114 Ridge Street) is a newly constructed elevator building built in 2003, and the other two are mixed-use non-stabilized walk-ups.
This portfolio presents a rare opportunity for an investor to acquire a well-positioned, sizeable asset in one of Manhattan’s hottest neighborhoods, the Lower East Side.
This address might sound familiar; it’s the new home to Rothstein’s Hardware, which relocated from 56 Clinton Street last month.
Recent Stories
Demolition Begins at Fire-Stricken Dim Sum Palace Building in Chinatown
Demolition started this week at 6 Chatham Square, which, until this month, housed neighborhood favorite Dim Sum Palace. Early morning May 1, a fire in the kitchen spread throughout the building, triggering a five-alarm response from the fire department. All told, five firefighters were injured battling the inferno over several hours. And according to Red […]
Eldridge Street Development Sells for $19.24M
A major real estate deal to report on Eldridge Street. It took three years, but the eight-story mixed-use building at 165 Eldridge traded last week for $19.25 million. Just under the initial 2019 asking price of $21 million. Buyer of record is Meng Lee and Karim Elsayyad of FREO Management. The transaction is not yet […]
The ‘Barrier Reefs’ Coming to Clinton Street Bike Lane
The Department of Transportation has chosen a winner to decorate the traffic barrier protecting the Clinton Street bike line. The city agency awarded artist Alison Cynamon as part of the ongoing Barrier Beautification mural project. The concrete slab runs from Delancey Street to South Street; an 840-foot stretch with roughly 1,980 square-feet of canvas to […]
Redlining the LES: How Discriminatory Lending Policies Solidified Pre-Existing Inequalities
The following was written by Anna Sargeantson. All photos courtesy of Anna Sargeantson, except where otherwise noted. Home to dimly lit restaurants and bars frequented by NYU students and young professionals, the Lower East Side remains in many ways the epitome of New York City’s youthful heart. Under the surface, though, the neighborhood has historically […]
Ed Higgins Gets ‘Mail Art’ Retrospective at Van Der Plas Gallery on Orchard Street
Fresh off featuring his art in Ludlow Coffee Supply, the Van Der Plas Gallery of Orchard Street is now dedicating a full artist retrospective to the late Ed Higgins. Higgins, known as a pillar of the “Rivington School” movement in the 1980s Lower East Side, and for his unique “Mail Art,” died last December at […]
