Low-Rise Strip of 156-164 Delancey Sold for $6M

Posted on: April 1st, 2013 at 10:00 am by

delancey-strip-for-sale

Six months on the market was all it took for the last low-rise strip on Delancey to sell. Ashkenazy Investments scooped up 156-164 Delancey from Yeshiva University for a smallish $6 million. Massey Knakal handled the transaction for the property, which had initially been listed for nearly half the sale price.

Massey Knakal chairman Bob Knakal told the Commercial Observer that “Retail properties like this are in extraordinarily high demand today, and with some repositioning, this asset can produce much more cash flow than it does today.”

To be honest, we’re a bit worried about the future of this Lower East Side parcel, as those air rights are just too valuable in this gentrifying part of town. It wouldn’t be much of a surprise to see ye olde demolition-to-high-rise transition here.

Below is the property description taken from the expired real estate listing:

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.

Recent Stories

forever-stanton-november
ABC’s ‘Forever’ Continues Its Months-Long Filming Residency Today on the Lower East Side

The season-long residency of Forever continues today on the Lower East Side. This ABC production has been headquartered east of Essex Street (between Houston and Delancey) since July. It was around that time that the production transformed 154 Stanton Street – Smart Clothes Gallery – into a faux shop called “Abe’s Antiques.” Four months out, […]

7th-precinct
The 7th Precinct Now Has a Dedicated Twitter Account

For those of you interested in following the minutia of the 7th Precinct (or bashing them), today is your lucky day. The NYPD just sanctioned a new Twitter handle for our neighborhood cops. Profile picture of the new account is of the recently-appointed CO, Joseph Simonetti. Greetings from the #LES #LowerEastSide Looking forward to connecting! […]

125rivington-night
‘awindow’ Pop-Up Retail Lab Opening at 125 Rivington Street

Aside from plans last year to transform 125 Rivington into a bar called “The Carolinas,” the ground floor has seen naught but pop-up endeavors. In fact, the last such temporary shop was seven months ago, that of SR luxury backpacks. As of this week, though, it’s again all systems go. Roving creative house awindow edition […]

wd50-closing
WD-50 Countdown: Demolition Permits Filed for 7-Story Condo Tower on Clinton Street

WD-50 is slated to conclude its decade-long presence at 50 Clinton Street in just over a week (November 30). Demolition of the entire row of quaint commercial stock will transpire soon thereafter. Indeed, the former 1492 has already been boarded up with dismantling activities transpiring behind the plywood shroud. Demolition permits were issued earlier this […]

SantaCon, December 2011
Why It (Probably) Doesn’t Matter that SantaCon is without a Home

Bushwick put up a united front this week and did what the Lower East Side couldn’t. It essentially strongarmed SantaCon into canceling its plans to host the “charity” event in the Brooklyn enclave. Many of the bars reportedly refused to permit revelers with costume. amNewyork had the scoop on Wednesday, quoting organizers who claimed that […]