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

thor-vandal
Atop the Hotel on Rivington, Street Art Takes Hold

It’s not just nightlife tune-ups, the Hotel on Rivington is seemingly trying to reinvent itself. Last month, we noted the nightlife reboot on premise. The Shanghai-themed lounge, Jia (formerly Viktor & Spoils), and an as-yet-unnamed Mediterranean restaurant in the adjacent space. Both are by the collective hand of Roberto Buchelli (Beautique, Provocateur) and Corey Lane (partner […]

icp-bowery-open
International Center of Photography Brings ‘Maman’ Cafe Outpost to the Bowery

The International Center of Photography officially opened its flagship Bowery location to the public yesterday. Its coronation was years in the making, and caps an extended period of dormancy for this storefront real estate at 250 Bowery. With its arrival in the neighborhood, though, is a tag-along eats occupant. Indeed, lost in all the headlines […]

2spring-sign-stand
Mic Drop: State Denies ‘The Stand’ Comedy Club a Chance on the Bowery

After four years on Third Avenue, The Stand was planning on relocating the comedy club to a basement on the Bowery. Apparently some impending development is pushing them out. However, the state denied owner Paul Italia and company a liquor license this week for the subterranean space below 2 Spring Street. Opposition to the establishment was entrenched from […]

bowery-boys
Ambitious ‘Windows on the Bowery’ Placard Project to Highlight History of Thoroughfare, Launches July 5

These days, the Bowery rarely gets due recognition for its pioneering architecture, and early contributions to myriad art forms, such as tattooing, punk, vaudeville, and Yiddish Theater. Instead, it’s really all about which historic buildings can be sold to the highest bidder for demolition and re-development. Armed with a platoon of historians and visually-striking imagery, […]

showdown-2016-1_wm
Scenes from Steve Nash’s 9th Annual Showdown NYC on the LES [PHOTOS]

Last night, the Lower East Side again played host to the annual Showdown NYC. It was the ninth outing for retired ball player Steve Nash, who rallied his athlete friends for another inner-city friendly. As in years prior, a delegation of NBA, MLS, and international soccer stars, as well as notable personalities, gathered at Nike […]