Four Years After Its Demise, OTB Neons Pried from 101 Delancey

Posted on: November 10th, 2014 at 10:07 am by
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Off Track Betting – formed in 1971 – closed the last of its once-ubiquitous storefront gambling parlors in December of 2010. It had been a rocky few years leading up to the eventual closure. Ultimately, the State Senate declined to pass an Assembly-approved bailout bill, so OTB was SOL. Over a thousand employees lost jobs. Now four years later, the OTB location at 101 Delancey Street has finally shed its storefront signage.

Over the weekend, rubbish removal contractors pried the last of the marquee and carted away the debris. In its place is plywood and a fabulous ghost sign from the building’s past (“Hosiery Center”).

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101 Delancey sold again this past summer for the second time in as many years. Recall that Silvershore Properties purchased the property in the fall of 2012 for $7 million. The real estate company – helmed by Jason Silverstein and David Shorenstein – then tried to flip the property in summer 2013 for $20.5 million, a near-200% markup. They settled for more than double – $17.3 million – at the end of July. Lucky owner is now “101 Delancey Realty LLC.” Digging deeper into public records, it appears this is a shell company for Lionstone Capital, a hedge fund based in the Carnegie Hall Tower.

With retail closures of its five stores now complete, the requisite upscaling can proceed unhindered. All stores comprising this address are now for rent via CBRE.

101 Delancey boasts a footprint of 19,000 square-feet and carries twenty apartments and five retail spaces to its name. The residential breakdown is: fourteen free-market, five rent-stabilized, and one rent-controlled.

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