119 Orchard Street for Sale (Again)
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The past few years have not been too kind to 119 Orchard Street. Fine & Klein Handbags owned and resided in this tenement building for more than four decades, but called it quits in late 2007. Some months later, the property was put on the open market and quickly snatched up by SAS Property Management for $4.22 million.
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Demolition began shortly after the sale to clear the 21′ x 87.58′ plot for a new forty-room boutique hotel. It remains a slow-go marred with holdups. Two of the four stories had been removed before work halted abruptly six weeks ago. The DOB issued a stop work order and violation for “demolition work without a permit.” And last week, the department came knocking yet again for an inspection of the premises. Judging by the number of pink slips, nobody cares to answer.
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So why bring all of this up? Well, now what’s left of 119 Orchard Street is on the block again! A real estate listing just surfaced on the Massey Knakal website, and the hotel dream is used as a selling point.
Full plans were recently approved and stamped by the Department of Buildings for a 10 story (plus cellar and subcellar) mixed-use building. Cellar and subcellar approved for commercial use plus 10 stories above-grade of residential or hotel use. With full plans already in place and demolition underway a developer could start construction immediately.
Asking price is $4.7 million.
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