WD-50 Development Site on Clinton Street Sells for Record Setting $28M

Posted on: September 8th, 2014 at 5:34 am by
This image has been archived or removed.

Before 50-62 Clinton Street hit the open market two months ago, owner developer ICON Realty Management drew up plans with Issac & Stern for a new seven-story (74 feet) residential building. That proposal is very much still alive, thanks to the sale of the low-rise strip of retail. And a record one, at that.

Massey Knakal brokerage held onto the embattled development site for months, peddling the property for a whopping $28.95 million. Well, the realtors got their ask.

This image has been archived or removed.

Broker for the stars Fredrik Eklund giddily revealed on his Instagram page that the site netted the $28 million, a record price for these parts. $700 per square-foot, to be precise. If his post is gospel, then this hulk of masonry will indeed rise here. Check it:

SOLD! $28M… which is a record per sqft for the Lower East Side. I have been working on this almost 40-unit development site, 50 Clinton Street, for over a year, perfecting the layouts, unit mix, the finishes, all of it, when my developer Icon decided to sell… So we quickly found them a buyer, and sold the entire site at $28M, contracts got signed today. Now, the best part is we get to keep the building and bring all the beautiful residences to the market in the Spring.

This predatory development site spelled the end of a half-dozen mom-and-pops that operated in these one-story stores. Most high-profile of the closures, and final holdout, is Wylie Dufresne’s WD-50. Closing date is set for November. Fair warning.

Recent Stories

Report: LES Man Sold $16K of Drugs to Undercover Cop in Union Square Stores

A Lower East Side man was arraigned yesterday on charges of selling cocaine, heroin, and fentanyl in the chain eateries around Union Square. Anthony Morales, 49, is accused of peddling upwards of $16,000 worth of drugs to an undercover cop at Chipotle, McDonald’s, Au Bon Pain, and Food Emporium. He’s charged with criminal sale of […]

Cup & Saucer Reboot Renamed ‘Two Bridge’s Diner’

The Cup & Saucer reboot on Canal Street recently changed its identity. It’s no longer the Greek Shack; instead taking on the location-specific name of Two Bridge’s Diner. (The grammatical error – should be plural – is memorialized on the awning and menus.) John Vasilopoulos, who lost the Cup & Saucer exactly two years ago, […]

DOT Pitches New Delancey Street Safety Upgrades (Again)

It’s back to the drawing board. The city will present yet another plan to improve safety along Delancey Street, one of the more dangerous thoroughfares in the Five Boroughs. Goal of this $22.7 million project is to “transform Delancey Street primarily through safety and streetscape improvements.” The project (HWM2025) follows seven months after the city […]

Luxury Development Plagues Newly Reopened DeSalvio Playground in Little Italy

The reimagined DeSalvio Playground debuted back in February. Now, four months later, access is partially restricted thanks to construction work on the neighboring luxury condo building. A tipster sent us this photos illustrating the closure of both the basketball court and rock climbing feature. Contractors set down heavy foam and plywood surfacing while construction concludes […]

Online Petition Protests ‘Outrageous’ 67% Rate Hike at Essex Street Municipal Garage

First they came for street parking; now its the garages. Essex Crossing gobbled up roughly 500 parking spaces around the neighborhood, and many locals allege the fly-by-night rate hike at the Essex Street Municipal garage further prices out area longtimers. As previously reported, the city quietly raised all rates the Friday before Memorial Day weekend. […]