Big Pink on Orchard Street For Sale Again at $27 Million
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For the second time in three years, Big Pink is on the open market again. The historic five-story building at the southwest corner of Orchard and Grand Streets had a rough year, and owners are now looking to ditch the asset. You’ll recall that a two-alarm blaze was sparked here one year ago, nearly destroying the unique neighborhood icon, which was built in 1886. With father time having interceded in the interim, it’s as if nothing happened.
And with that, a fresh listing for the 57-67 Orchard via Massey Knakal. The property is on the open market for a slender $27 million, up two million from the same ask just three years ago. Luckily, Mr. Pink was awarded landmark status back in September [PDF], so we don’t need to worry about demolition prospects. Here’s some of the confusing brokerbabble. The haberdasher on the ground level is another story, though.
These contiguous properties are comprised of 2 block-through buildings (from Orchard to Allen Streets) plus the architecturally significant corner building on the southwest corner of Orchard and Grand Streets. 59-63 Orchard Street and 65-67 Orchard Street (a.k.a. 319-21 Grand Street) are 5-story loft style buildings, while 57 Orchard Street is a 2-story commercial building. This unique location benefits from 320 feet of frontage on three streets which include Allen, Grand and Orchard. The combined footprint of all three lots is approximately 12,083 square feet.
The annual Gross Rents total approximately $1,325,000 and the approximate NOI is $834,500. The retail and commercial rents are significantly below market, which provide a significant amount of short term upside potential for an investor. The offering is also a tremendous opportunity to control over 320 feet of retail frontage on one of the best blocks in the Lower East Side.
Designed by architect Paul F Schoen, 57-67 Orchard Street is, of course, the former home of the famous Ridley & Sons Department Store. In the second half of the nineteenth century, it was the largest such store on the Lower East Side. By 1889, the business employed some 2,500 people.