Last Low-Rise Section of Delancey Retail Being Sold as Development Opportunity

Posted on: January 16th, 2015 at 5:00 am by

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156-164 Delancey St., the last low-rise retail

For the last two years, a highly visible leasing banner wrapped the single-story commercial stretch comprising 156-164 Delancey Street. Basically, ever since Ashkenazy Investments acquired the property from Yeshiva University for a reported $6 million. No businesses took the bait, yet pretty much everyone around here knew that the new landlord was just sitting on the investment to mature. Especially with the whole Essex Crossing going down just across the street.

Now it’s time for Ashkenazy to unload, though with a caveat. The firm retained the exclusive services of Massey Knakal (now owned by Cushman & Wakefield) to sell the residential development rights of the property. According to the listing, the purchaser would demolish what’s there now, and erect a new building. Part of the deal requires that “one floor of double height retail” be delivered back to ownership.

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Photo: Massey Knakal

The subject property is currently improved by a one story commercial building built full on the approximately 109’ by 25’ lot. Current ownership is offering for sale the residential development rights at the property. The purchaser would demolish the existing structure, construct a new building, and deliver one floor of double height retail back to current ownership. Under the existing R8A/C6-2A zoning with a C1-5 overlay, a developer could build up to approximately 14,715 square feet as-of-right or approximately 19,620 square feet through utilization of the optional Inclusionary Housing Bonus.

This is a rendering of what could rise here. Sitting in a C6-2A zoning area, the developer can build up to twelve stories with inclusionary housing bonus. There is no such thing as low-rise on the Lower East Side anymore.

This new development would most certainly spell the end for a slew of small businesses, including the Get Set sneaker store, Happy Wok, and Taj Gold.

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