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

Site of Mass Displacement: A Chinatown Gentrified by Galleries [Op-Ed]

The following was written by Liz Moy of the Chinatown Art Brigade. There is an ongoing perception that Manhattan’s Chinatown has stayed relatively the same throughout the years whilst other low-income neighborhoods of color have been overtaken by gentrification. Ask someone how Chinatown fares in an increasingly unaffordable city and they’ll likely say, at least […]

Matthew Silver, the 2014 Mr. Lower East Side
Off Cycle ‘Mr. Lower East Side Pageant’ Returns Tomorrow Night … in Ridgewood

Surprise! The Mr. Lower East Side Pageant returns tomorrow night, some four months earlier than usual. Unlike earlier this year, the iconic underground beauty contest won’t be anywhere near its namesake neighborhood. This time, for the 17.5th annual event, the shenanigans will go down at the Footlight Bar in Ridgewood, Queens. You’re probably wondering about the off-cycle nature […]

2nd Annual ‘Lower East Side Cider Fest’ is Happening on Sunday

The orchards are, in fact, coming back to Orchard Street … albeit temporarily. With apple picking season wrapping up, the 2nd annual Lower East Cider Fest is kicking off this weekend, as part of the larger “Cider Week NYC” celebration happening throughout the – wait for it – Big Apple. The event will showcase notable cider makers and apple growers […]

Clinton Street ‘Casita’ Tree Tunnel Uprooted for Good

The arboreal attraction (and known rat hangout) at the southeast corner of Clinton and Stanton Streets is officially kaput. That’s right, no more tree tunnel. A chainsaw crew arrived last week to chop and uproot the leaning line of trees comprising the overhang. This was a complete removal, unlike the trim of overgrowth that transpired […]

Delancey Street Gets its First LinkNYC Kiosk

Yesterday afternoon, the city unveiled the first LinkNYC pornhub kiosk for Delancey Street. It’s situated just east of the Bowery, where these things are multiplying faster than gizmo in a swimming pool. The 9-foot-6-inch unit is not yet active, though. LinkNYC stations have been criticized pretty much from the get-go. In league with the soulless […]