Low-Rise Strip of Delancey Stores for Sale

Posted on: September 27th, 2012 at 6:09 am by

As the mammoth Seward Park Urban Renewal Area (“SPURA”) walks baby steps toward eventual development, the carpet-baggers are already in tow, waiting to capitalize on the imminent gold rush. Seemingly a first, Massey Knakal nonchalantly drops this nugget of a selling point into its newest listing for the one-story strip of 156-164 Delancey Street.

It might be time to start thinking of burial grounds for this old-school storefront, still a tight enclave of neighborhood mom-and-pops now in the shadow of a Sam Chang Holiday Inn. Brokers are pushing the parcel as a “strong development opportunity” due to its upside potential in commercial rents (i.e. future rent hikes) and the 11,990 square-feet of developable air rights there for the taking. Asking price seems like a steal at $3.95 million.

The property experiences 109 feet of frontage in a high traffic location directly adjacent to the Manhattan entrance of the Williamsburg Bridge. The building is currently configured with 6 commercial units, 5 of which are occupied. The building receives additional income from billboard advertising on the roof. The 5 tenants have leases expiring between 2016 to 2021.

With a projection on the one vacant store, the fross annual income is $300,723. The expenses are estimated to be $89,631. The NOI (fully rented) is $202,071 per year. The majority of the stores have good upside potential in rent. The Seward Park Urban Renewal Area coupled with the building’s approximately 11,990 square feet of air rights presents 156-164 Delancey Street as a strong development opportunity.

The low-rise nature of the Lower East Side is on its way out, as those air rights are just too valuable these days.

Recent Stories

spura-lots-4_wm
Last Look at SPURA Lots Before Essex Crossing Changes Everything [PHOTOS]

Demolition for the Essex Crossing mega-project is slated to begin on Monday, forever changing the face of the Lower East Side and its heretofore low-level skyline. As previously reported, Site 2 at the corner of Essex and Delancey is the first parcel to receive knockdown treatment. The parking lot has already been cleared of vehicles, […]

ludlow-1995
Visiting the Funky Ludlow Street Landscape of 1995 [VIDEO]

Let’s take a stroll down Ludlow Street circa 1995… The following snippet of footage is a glimpse of Ludlow Street “on the corner of East Houston and Katz’s Delicatessen” as filmed by Corey Shaff (narrated by Ronnie DeMonarco). “Planet Ludlow,” as it’s called, is essentially a four-minute tour of the block and its stock of […]

living-room-plywood-1
Gallery Conversion Underway for Old Living Room Space on Ludlow Street

The former Living Room space is amidst conversion to a dry use. After the failed bid by exiled drag bar Lucky Cheng’s to take 154 Ludlow Street, the Hell Square address is now forsaking nightlife altogether. Construction has already begun on the artsy replacement; a plywood shed and curbside dumpster are now part of the […]

saro-norfolk
La Contenta Opening in the Old Saro Bistro Space Next Month

While residents grapple with the terrors of living under the thumb of Samy Mahfar, a new restaurant is opening in the commercial space of 102 Norfolk Street. As previously reported, a 14-seat Mexican joint called La Contenta Cocina de Barrio has taken the reins from Saro Bistro, which closed in April 2014 after a solid […]

50bowery-rendering-2
Joie de Vivre is the 22-Story Hotel Currently Rising at 50 Bowery

Progress is slow at Peter Poon’s monstrous new Lower East Side hotel development. Indeed, 50 Bowery remains a block-long crater, making slow strides to its eventual calling as a 22-story tower. Excavation and foundation work is clearly the order of business these days. Yet until now, a proper identity was never ascertained; only a working […]