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

orchard-hell-building-capped
Breaking: Katz’s Deli Sells Its Air Rights But It’s Not Going Anywhere

First, the great news. The future of Katz’s Deli is safe. Owner Jake Dell assures us that all is well, while simultaneously disclosing that the 126-year-old Jewish deli just sold off its valuable air rights. “I’m not going anywhere … now I can protect [Katz's],” the 27-year-old proprietor says. The timing of this release is […]

strokes-bose
Revisiting The Strokes and the 2000s Lower East Side Music Scene [VIDEO]

Bose has a new integrated marketing campaign called Scene+Heard, basically a survey course in music appreciation. Its first installment spotlights the now-fabled Lower East Side rock scene in the early 2000s, but primarily focuses on the early career of The Strokes. The narrative is presented through the filter of current band the Gradients, which apparently […]

marty-mar-essex
Street Artist Marty Mar’s Subtle Anti-Gentrification Mural on Essex Street

It was a hyperlocal controversy the day street artist Garrett Wasserman decorated the wall outside Clayton Patterson’s residence on Essex Street. Perhaps confusion is what resulted in the erasure of Marty Mar’s mural; apparently Wasserman had been tapped to paint a different section of the masonry. Nevertheless, “Lower East Side Story” resulted and almost immediately […]

los-perros-locos-allen
Los Perros Locos Will Cease Slinging Hot Dogs at 201 Allen Street Tomorrow

For a while there, two hot dog joints battled for supremacy at the head of Allen Street – Links and Los Perros Locos. Both ultimately met the same fate though, with the latter closing tomorrow night. Owner Alex Mitow took to Facebook to convey the departure message to fans. “Running a retail storefront in the […]

east-houston-low-rise
Orchard Street Taqueria Eyes New Location as Development Looms

Get ready, folks. The northeast corner of Orchard and East Houston is about to become a construction zone for the forseeable future. Seriously, how much more fuckin’ decimation can this spot see? The writing was on the wall well before Bereket and Philly’s Cheese Steak ceased operations at the end of June. Rumblings of impending […]