Delancey Bridge Tower Development Fails, On the Market for $35.5M
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The Delancey Bridge Tower is officially amongst the ranks of Lower East Side zombies. It’s been a rough going for the 12-story bridge-side development since inception, with a stop-start work schedule that nets nearly nothing in the way of progress. Construction halted last summer, and never fully recovered. The iron pylons stalled at roughly four stories.
Now we know why. Money troubles, it would appear.
The development site was listed yesterday for an underwear-soiling $35.5 million. The Delancey Bridge Tower will, upon completion, rise approximately 120 feet and offer 69 condo apartments (60,000 square-feet) and a 8,352 square-foot community facility. Architect Michael Kang had been on board.
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Below is the complete description of the property in question via Keller Williams:
Great opportunity for Investor to invest in a DEVELOPMENT IN THE LOWER EAST SIDE the building will reach about 120 feet into the air and total nearly 60,000 square feet of residential space, with an additional 8,300 square feet of community facilities. The plan includes 12 stories plus a cellar and a rooftop, with a total of 69 apartments. The basement level of the new building will contain 10 parking spaces, a laundry room and a gym, as well as rooms for meters and trash compactors. The first floor will encompass the lobby which appears to be the community facility cited in the square footage count. The remaining floors will be composed of four to seven residences each, some with balconies, along with mechanical rooms. The rooftop will host the elevator machine room and recreational space.
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208-210 Delancey previously housed the T&J Auto Repair shop. The family that owned the mechanic had previously purchased the four other lots on which this tower will rise – 206 and 208 Delancey, 49 and 51 Pitt. They cashed out for $8.48 million when a consortium of 53 Chinese-American investors purchased the properties.
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November 2010
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