At the Pink Building on Orchard Street, It’s a Mass Exodus Ahead of Retail Upscaling
You wouldn’t have realized it during the filming sesh for Trainwreck last week, but there’s a seismic shift happening at the iconic Pink Building.
321 Grand Street sold last summer for an unwieldy $27 million. Waterbridge Capital is the lucky owner, and now a year after its purchase, we’re starting to see the fallout. Plenty of changes, and more on the way, for this unique multi-address property. Or, in laymen’s terms, the vanishing of both residential and commercial occupants from the building.
Since the sale, we’ve seen the relocation of JFK Restaurant Supply down to the corner of Canal Street, the downsizing of Jodamo from two floors to just the ground, as well as the displacement of some residents. Now, two new developments.
First, the Modern Decor fabric store just exited the building after decades on the Lower East Side. They’ve followed the fashion flight to Brooklyn (291 Avenue S). The silver lining in this instance, though, is that their awning will remain forever captured in Judd Apatow’s film Trainwreck. Second, Cellini Uomo, which was headquartered at 59 Orchard Street, just relocated up the bend to number 133. You may recall that this was the former home of On Stellar Rays. Cellini Uomo joins the club of similar vendors on this block still holding on for dear life.
A source on the inside alleges that the ultimate goal here is to convert the former Ridley & Sons landmark to a “Chelsea Market” style enterprise, complete with 11,200 square-feet of high-end shops, and luxury living to match. The conversion is gradual in nature, but playing out in real time on street level. By next summer, this place won’t be recognizable anymore.
Meanwhile, the remaining businesses here are holding on by a thread, reportedly with short-term leases.