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

Photo
Streit’s Matzo Facade Becomes Art Haven with New Mural by Connor Harrington

What do street artists Logan Hicks, Crash, and Conor Harrington have in common? Simple. Each boasts an eye-catching mural on a one-block stretch of Suffolk Street. And now having commissioned artwork by these luminaries on the Lower East Side (not to mention Shepard Fairey), the Little Italy Street Art Project continues the quest to curate […]

black-hebrews-delancey
Black Hebrews Return to Delancey Street After 3-Year Hiatus

For years, it was a sight for Saturdays. The robes, the preaching, the hate sermons. They usually congregated on either side of Delancey Street, videotaping the rhetoric but shunning the community invaded. Neighbors complained about these so-called Black Hebrews (reminiscent of 1980s Times Square), and then one day in 2011, they were banished. Or so […]

siempre-goner-1
Sign the Petition to Help Save Siempre Verde Garden from a Bulldozing Luxury Development

Friday morning, we reported the sad but unsurprising news that the recently-forged Siempre Verde Garden is threatened by a proposed five-story luxury residential development. Garden faithful probably expected this in the back of their minds, but more than likely hoped would not come to pass. An urgent plea to help save the “youngest” GreenThumb garden from extinction […]

butcher-block-broome
‘The Butcher Block’ Cafe Angling to Take 254 Broome Street

Its brief tenure as both gallery showroom and pop-up haven is officially over. The westernmost store of 254 Broome Street – formerly the Mayson Gallery (which moved to 75th Street) – will soon embark on its journey as cafe. Think Home Espresso Bar (RIP) but with booze. The Butcher Block – not to be confused with […]

stanton-99cent-pizza
New Dollar Slice Joint Set to Open at Former Stanton Street Psychic

It just wasn’t in the (tarot) cards for the storefront psychic at 105 Stanton Street. The den of paranormal shuttered this past July after barely two years in business. Just as the store was cleared of its contents and leasing sign affixed, the windows were papered to prepare for the next tenant. Paperwork was filed […]