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

unnamed
Writing ‘Custom Melodies’ with New Yorkers at Chinatown Soup on Orchard Street

You may have heard of artist Grey Gersten and his “Custom Melodies” exhibit  – a successful interactive exercise in writing anonymous biographical songs by New Yorkers, which showcased at the Mmuseumm last year.  Well, now he’s taking those songs digitally, giving the tracks a more accessible and permanent home on the internet. We caught up with the man behind it all […]

kossars-update-1
Kossar’s Bagels & Bialys Reopens Today with New Look and Menu

​Under relatively new ownership, the updated Kossar’s Bialys is now less a warehouse bakery with retail afterthought, and more a proper New York City bagel shop. And it reopens to the public today. The bare-bones factory feel of the predecessor is gone, instead replaced with something cleaner and with vintage aesthetic. Feels like a hybrid […]

hanksy-trump-tagged
Hanksy Hater Tags Trump Dump Mural on Orchard Street

Of all Hanksy’s recent output, his Donald “Dump” Trump piece on Orchard Street certainly struck a chord. Perfect timing, really. After all, it is an election year, and anything Trump is newsworthy. The presidential hopeful and star of The Apprentice is trying to insult his way to the White House. So his head sits on […]

citizenm-scaffolding
CitizenM Hotel on the Bowery Hit with Stop-Work Order for Worksite Safety Issues

While the CitizenM hotel ascends to great heights (i.e. 19 stories) at 185 Bowery, it’s the neighbors who suffer most. Day in and day out, the congestion at the corner of Delancey disrupts not only sidewalk flow and sleep, but motor traffic. Blame constant blockages and deliveries. Well, the lack of oversight we’ve noted at […]

Proposal for 348 Lafayette St.
LPC Rejects Aby Rosen’s Modifications to Former Women’s Shelter at 348 Lafayette

​You may have noticed the orange fencing atop 348 Lafayette Street (aka 11 Bond). That’s an illustrative mockup of the rooftop addition proposed by real estate magnate Aby Rosen in his bid to convert the former 43-bed women’s shelter into a luxury commercial complex. You’ll recall that Rosen purchased the 1913-vintage building last summer for […]