New York Post on Lower East Side Real Estate

Posted on: January 27th, 2011 at 11:09 am by

The New York Post finally discovers the real estate atmosphere of the Lower East Side.  In an article published today entitled “Get Lower,” the tabloid sheds light on neighborhood demographics and the fast-paced change. Max Fish, Beauty & Essex, and Hotel Chantelle are all name-dropped.

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“There’s a different demographic in the area. There are higher-income professionals that have taken notice of the Lower East Side and moved there,” says Joshua Strauss, vice president of retail leasing firm RFK. “It’s becoming an area where there are young people who would never have lived there before. There are expensive condos being built and money drawn to the area.”

“On the Lower East Side, you have contrast. Like the three modern buildings on our side of the street, across from this 120-year-old synagogue,” says Prudential Douglas Elliman broker Ariel Tirosh, who is selling 115 Norfolk, a 24-unit condo building from the architects of the nearby Hotel on Rivington. “There are still the old tenants and residents of the neighborhood, who are emotionally attached to the neighborhood. Slowly, something happened — the old remained and the new came.”

38 Delancey makes a cameo appearance in the writeup, as does a subtle nod to its problems attracting buyers :

The 55-unit 38 Delancey had the Corcoran Group put 25 of its units on the market in May (the remaining units are being rented or kept for family and friends by the developer).

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