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

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


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

Identify All the Vanished Businesses in this Jeffrey Lewis Album Art [CONTEST]

Here’s a contest for you… Local “antifolk” hero Jeffrey Lewis, an East Village native and frequent Sidewalk Cafe performer, has another record coming out at the end of the month. Dubbed Manhattan, the long-player has some pretty cool cover art (designed by Lewis) that resembles a comic strip. The illustration includes depictions of 27 no-longer-existing Manhattan businesses and other […]

Photo: Steven Menendez
Ghosts in the Playhouse: ‘Sisters’ Follies’ Tribute to 100 Years of Abrons Playhouse [RECAP]

Halloween is quickly approaching and we’ll probably come across a fair share of ghost stories. But how about a musical ghost story? Commissioned for the 100th Anniversary of the Abrons’ Playhouse, Sisters’ Follies: Between Two Worlds is a “spooktacular” directed and designed by Basil Twist (Arias With A Twist, The Pee-Wee Herman Show, Symphonie Fantastique) […]

Defective Benches in Allen Street Mall Receive Replacement Slats

Yes, the Parks Department came through on broken promises over busted benches. The curve-shaped seating dotting the lower medians of the Allen Street Mall – basically left for dead – was finally remedied last week after more than a year of prodding. Prodding from both vocal community members and local politicians. The newer wood slats were installed, […]

Katz’s Deli Sketch on SNL Lampoons Famous ‘When Harry Met Sally’ Orgasm Scene [VIDEO]

Saturday night saw the premiere of Saturday Night Live, thus lifting the curtain on the forty-first season. One sketch in particular stands apart. A sketch centered at Katz’s Deli, the Lower East Side institution that often figures prominently in the open credit roll. Three of the female lead actresses – Vanessa Bayer, Leslie Jones, and […]

Lower East Side Pickle Festival Attracts (and Feeds) the Hordes [PHOTOS]

The annual Lower East Side Pickle Day certainly lucked out with the weather yesterday, especially after a stormy weekend. Come rain or brine, it was gonna happen. Thousands flocked to Orchard Street in the afternoon from all corners of the Tri-state to feast on pickles and other foodie selections. That is, if you had the patience […]