Big Pink on Orchard Street Sold to Waterbridge Capital for $27M
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Big Pink and some of its neighbors are now under new ownership.
Nigh on two years after a blaze nearly consumed it, Waterbridge Capital just purchased the corner property for $27 million. It had been on and off the market a couple times in the last three years. The transaction includes five contiguous buildings, 57-63 Orchard Street, with frontage on Grand and Allen. Total real estate in the deal is 55,000 square-feet, plus an additional 40,000 square-feet in air rights. Big Pink itself is protected, though, having been landmarked earlier this year.
Rather alarming is the comment about how the company hopes to convert the 11,200 square-feet of ground floor space into high-end shops and boutiques. Time to begin preparations for the flight of the longtime Chinese businesses and even the Jodamo haberdasher.
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.
The luxury blitz continues.