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: Knowlita
KNOWLITA Illustrates Downtown Eateries with ‘Day In x Day Out’ Prints

KNOWLITA, the design company who brought us the Lower East Side in print form is rolling out a new depiction of the neighborhood. They’ve enlisted Massimo Mongiardo, a Brooklyn-based artist who has worked with the likes of Vans DQM and Momofuku, to draw our attention to food. Literally. The collection of illustrations, called Day In x […]

Looking east on Delancey with Moscot in the background
Watch This Footage of Crowded Delancey Street in the 1970s [VIDEO]

Last week, the venerable British Pathé news agency uploaded an entire collection of 85,000+ newsreels to its dedicated YouTube channel. Naturally, we honed in on some classic New York footage dated simply to 1970-1979. The clip shown below, “New York (1970-1979),” offers a great snapshot of the neighborhood, from Chinatown through the Lower East Side. Fast-forward […]

double-win-delancey
Delancey Corner Stands Firm as Restaurant Supply Depot

It’s been a three-year retail drought for 18 Delancey Street. After the Win Win Trading Inc. restaurant supply company relocated to 66 Allen (and the Chrystie Cats with it), the store remained an empty vessle. Its solitude has come to an end, though. It’s more of the same for 18 Delancey. Earlier this year, we began noticing […]

graffiti-wall-bowery
See the Neighborhood Change with Google Street View ‘Time Machine’ Functionality

This is sorta cool. Google Street View, which debuted back in 2007, will soon let users essentially travel back in time. Whereas the map software was previously a static panorama of city streets, certain locations are now animated for time lapse purposes. Whenever you see that little clock symbol in the top left portion of […]

Call him Jack, 'cos he's in a box
Peter Cooper Statue Boxed Up for Astor Place Reconstruction

You may have noticed that the statue of Peter Cooper sitting comfortably in his eponymous park is currently encased in an enormous plywood box; or that traffic barriers now cordon off a section of the roadway. These noticeable changes pretty much kick off the broader $16 million capital works project to redesign the entire composition […]