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

falafel-shop-rivington
The Falafel Shop on Rivington Takes a ‘Maintenance’ Break, Should Return Next Week

You may have noticed that the Falafel Shop on Rivington Street wasn’t open all week. An explanation as to why didn’t actually materialize until yesterday. According to a laminate on the shuttered gate, the popular four-year-old Mediterranean joint closed for routine “maintenance,” but should reopen “middle of next week. Eyal Tov founded the Falafel Shop […]

172ludlow-door
In Which a Hell Square Egg Toss Turns Violent

There is a sense among some that Hell Square is regressing to its former violent self after a brief period of baby-step progress. No more, claim neighbors in the DMZ. Case in point was a rowdy incident this past Monday night (late) involving a crew of revelers outside the Hotel Indigo. A tipster tells us that […]

247cherry-rendering-1
The City is About to Screw the LES Waterfront Again with this 1,000-Foot Tower

The city will screw the Lower East Side waterfront by allowing this 1,000-foot tower to proceed. Indeed, the Department of City Planning reversed course this week, and will now hear the case for this monstrosity. This despite the ongoing litigation over the contested few parcels on the backside of Extell’s One Manhattan Square. It’s certainly a […]

155rivington-closed
St. Jerome’s on Rivington Street is Dead, for Real This Time

Okay, so now it’s really happened. Again. The reincarnated St. Jerome’s on Rivington Street – also known as Rivington F+B – is officially kaput. This past Wednesday was its final night in business. The gates are now shuttered for good, capping a decade (including a year-long hiatus) for the establishment. The closure follows two months […]

gracias-mama-work
MTA Brushes off Vehement Local Opposition to ‘Gracias Mama’ Entrance on Rutgers Street

The MTA sees nothing wrong with having a restaurant entrance mere feet from a bustling subway station. Specifically that of Gracias Mama, whose principals (Koorosh Bakhtiar and Nima Garos) are trying to alter their method of operation, which could become a harbinger of overcrowding in a small area. The bold choice to move the front […]