Former Ratner’s Building at 100 Norfolk Sold for $8.8 Million
100 Norfolk Street has been on the block for over two years already, and recently sold for an all-cash sum of $8.8 million (6% above ask). The unconfirmed buyer, believed to be Brooklyn-based Urban-Scape, negotiated air rights from adjoining buildings and will be constructing a 44,000 square-foot condo monstrosity (12 stories). All the while, skyline of the Lower East Side keeps on its upward trend.
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The previous owner of 100 Norfolk was Ratner’s, the iconic Kosher dairy joint which ultimately shuttered a decade ago. This particular corner property housed the refrigeration units as well as the offices, so when the business shuttered, the building became “obsolete.” It was a tough sell after the 2008 rezoning, though:
One reason why it took so long to sell 100 Norfolk St. is because it was located in a part of the Lower East Side that was rezoned in 2008 to limit building heights to 120 feet. The restriction made the property a tougher sell. The new owner “did a lot of leg work,” according to Mr. DeCheser, and because it owns adjoining parcels, was able to work out a way to transfer air rights to the new development, he added.
It’s also worth noting that another of the Ratner’s holdings, the parking lot for the restaurant, eventually became the sixteen-story Blue eyesore many in the neighborhood still resent.
Of course, this news doesn’t bode well for the not-so-secret Back Room lounge.