Former ‘Eastern Dispensary’ Building at 75 Essex Street Back on the Market for $21M

Posted on: November 11th, 2013 at 5:51 am by
This image has been archived or removed.

No matter what’s happening on the Lower East Side, we always have our eye on the Eastern Dispensary building at 75 Essex Street. Today, we learn that it’s back on the chopping block.

This historic freestanding building has been on and off the market numerous times in previous years, most recently in February 2010. However, with the imminent advent of the high-profile Essex Crossing SPURA development, we get the feeling a taker might be on the way this time around.

A tipster just alerted us to this most recent real estate listing via Bond Real Estate. The property now carries a price tag of $21 million, which is $4 million above the previous ask. The broker compares 75 Essex to the Candle Building, and notes that all uses are considered (e.g. offices, hotel, museum, movie theater). Total footprint is 12,464 square-feet, plus an additional 31,776 square-feet in air rights.

With Great Bones and located in a PRIME Lower East Side neighborhood TEEMING WITH NEW DEVELOPMENT, 75 ESSEX is a FREESTANDING building located literally across the street from the FJMZ train lines and the FABULOUS ESSEX STREET MARKET-a real neighborhood destination for both tourists as well as seasoned New Yorkers. This is a true DESTINATION LOCATION on The Lower East Side and the building has endless opportunities whether it be a fabulous and UNIQUE CONDO CONVERSION—akin to Nolita’s Candle Building and other area condominium conversions in high demand—or for use as an Office Building, Museum, Hotel, Movie Theater or any other of numerous possibilities.

The Building is currently configured as 12,464 sq ft. There are additional air rights to 31,776 sq ft. There are TWO freight elevators in the building that can easily be turned over for residential use. THERE IS ALSO PARKING LOT ON SITE! This is a RARE OPPORTUNITY to own a Pre War DETACHED Building NOT ONLY A CORNER PROPERTY, BUT A FREESTANDING CORNER PIECE WITH PARKING! This is an opportunity that should not be missed. OWNER WILL HOLD MORTGAGE!

Neighborhood preservationists (i.e. Friends of the Lower East Side) are fighting to ensure nothing happens to 75 Essex Street. That it receives proper protection from the city. Apparently a “Request for Evaluation” was submitted to and acknowledged by the Landmarks Preservation Commission last April. It’s been crickets on that front ever since, though.

And the Friends are right – we should be worried. Especially with those scary crazy air rights and the immediate influence of SPURA development. Bond’s signoff statement says it all – “come and make plans where the city is making plans to grow.”

Recent Stories

Tough Slog for ABC No Rio and its Passive House on Rivington Street

The redevelopment of ABC No Rio into an environmentally friendly passive house is again dogged by delays. In an appeal for donations on Giving Tuesday this month, ABC No Rio director Steve Englander provided an update on status of the new development. Another setback; this time it’s the necessary redesign of the foundation and plans […]

International Center of Photography Readies January Reopening at Essex Crossing with Ginormous Photo Display

Another big-box occupant at Essex Crossing goes live in just a few weeks. In January 2020, the International Center of Photography will unveil its “new, fully integrated” facility at 242 Broome Street. A ginormous, three-story photograph is currently hanging in the windows facing Essex Street as teaser ahead of launch. Shot by school alum Rochelle Brock, […]

Services Now Offered to Chinatown Seniors at Confucius Plaza

A new retirement community program is headed to Confucius Plaza on the Bowery. Earlier this week, Councilwoman Margaret Chin joined Confucius Plaza Management, Hamilton-Madison House staff, and local seniors at the 44-year-old complex to unveil the new Naturally Occurring Retirement Community (NORC) entity. The facility is aptly named The Joy Peace Center, and offers social […]

At 60% Occupancy, 196 Orchard Taps LES Gallerist for Revolving Lobby Art

The synergy between high-end condos and galleries is on full display at Ben Shaoul’s Lower East Side condoplex. It is here, in the lobby of 196 Orchard Street, that local gallerist Lesley Heller has been tapped to curate a revolving placement of art. The residency began this week. Heller – who runs her eponymous showroom […]

Sunshine Cinema Office Development Hit with Stop-Work Order over Excavation

The city halted construction on the commercial office development set to replace the former Sunshine Cinema. Just before the Thanksgiving holiday, Department of Buildings deployed inspectors to the project site and subsequently issued a full stop-work order due to excavation activities. Public records show that “foundation work with excavators” caused “structural cracks” in both the […]