Former Ratner’s Building at 100 Norfolk Sold for $8.8 Million

Posted on: May 1st, 2012 at 6:09 am by

100 Norfolk Street has been on the block for over two years already, and recently sold for an all-cash sum of $8.8 million (6% above ask). The unconfirmed buyer, believed to be Brooklyn-based Urban-Scape, negotiated air rights from adjoining buildings and will be constructing a 44,000 square-foot condo monstrosity (12 stories). All the while, skyline of the Lower East Side keeps on its upward trend.

The previous owner of 100 Norfolk was Ratner’s, the iconic Kosher dairy joint which ultimately shuttered a decade ago. This particular corner property housed the refrigeration units as well as the offices, so when the business shuttered, the building became “obsolete.” It was a tough sell after the 2008 rezoning, though:

One reason why it took so long to sell 100 Norfolk St. is because it was located in a part of the Lower East Side that was rezoned in 2008 to limit building heights to 120 feet. The restriction made the property a tougher sell. The new owner “did a lot of leg work,” according to Mr. DeCheser, and because it owns adjoining parcels, was able to work out a way to transfer air rights to the new development, he added.

It’s also worth noting that another of the Ratner’s holdings, the parking lot for the restaurant, eventually became the sixteen-story Blue eyesore many in the neighborhood still resent.

Photo Credit: On the Set of New York

Of course, this news doesn’t bode well for the not-so-secret Back Room lounge.

[via Crain's; Ratner's photo credit]

Recent Stories

ticket-tackle
Ticket Tackling, or How the NYPD Pulls Over Cyclists on Canal Street

This photo illustrates the extent to which the NYPD is cracking down on cyclists as part of the Mayor’s “Vision Zero” initiative. A 5th Precinct cruiser was stationed at the mouth of the Manhattan Bridge this past Sunday to ticket as many bikers as possible coming from the span. You know, low-hanging fruit. Several cyclists fell victim […]

Photo: Google Maps
Report: Grand Street CVS Infested with Rats and Roaches

The mainstream news networks always seem to go apeshit over stories of chain stores and their vermin infestation problems. Periodically each year, we read news or see photos of the lone rat on a binge in these establishments. Kinda gives added meaning to the phrase “click bait.” Anyhoo, we’ll take a brief ride on the […]

321grand-gallery
The Pink Building on Orchard Street Adds Two Galleries to its Ranks

For Waterbridge Capital, which shelled out $27 million for the Orchard Street Pink Building, it’s all going to plan. Boot the commercial tenants in an effort to attract more well-heeled tenants and clientele. Modern Decor and Cellini Uomo were forced from the premises over the summer, and the two spaces sat on the market for months […]

Photo: Street Museum of Art
Street Museum of Art Takes Over NYC Billboards

Taylor Swift may be welcoming you to NYC, but the Street Museum of Art is challenging you to rediscover the city, through one of the most prominent forms of urban self expression – street art. Their canvas is the most annoying of marketing methods: the billboard. Rare is the sight of an aesthetically pleasing advert hedging a […]

holiday-inn-verizon-1
Holiday Inn on Delancey Adds Verizon Wireless Outpost on Ground Floor

In which a corporate hotel begets a corporate commercial tenant. The Holiday Inn at 150 Delancey – brought to the neighborhood by Sam Chang and starchitect Gene Kaufman – is finally filling its ground level retail space. It had been an empty storeroom ever since the lodge debuted in March 2013. This week, however, the […]