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

Posted on: November 11th, 2013 at 5:51 am by
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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.”

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