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

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

This image has been archived or removed.

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.

This image has been archived or removed.

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.

Recent Stories

Partybus Bakeshop Officially on Essex Street; Opens End of Month

The party bus is parked and ready to roll. The bakery, that is. Partybus Bakeshop is an artisanal bakery opening in the former Chinese seafood wholesaler at 31 Essex Street. Upon debut, expect a “rotating seasonal menu [of] classics including breads, pies, and cookies by using the best ingredients the north east has to offer.” […]

Mini Rex Sober Karaoke Still Missing in Action

Nearly three years later, the Mini Rex/Juicebox Heroes sober karaoke concept is still missing in action. The fall 2018 opening, and later, a targeted winter debut, did not pan out. Spring bloomed and summer sweltered and still no launch on Ludlow Street. Much of the delay, at least initially, was owed to outspoken area opposition […]

More on Yesterday’s Fatal Wall Collapse at Beth Hamedrash Hagadol

Yesterday morning, the surviving south tower of the Beth Hamedrash Hagadol wreckage site collapsed, killing one construction worker and seriously injuring another. “A worker who leaves for a job site in the morning deserves to come home safely every single night,” Mayor de Blasio wrote in his “thoughts and prayers” Tweet in the afternoon. It […]

Breaking: South Tower of Beth Hamedrash Hagadol Collapses, Workers Trapped [Updated]

Shortly after 10am this morning, the surviving south tower of the burned-out Beth Hamedrash Hagadol synagogue collapsed, trapping two workers beneath the rubble. The fire department quickly responded and rescued both from beneath the debris. EMS was also on scene to treat the workers, according to the blotter on the Citizen mobile app. Little is […]

MOSCOT Opens Los Angeles Store in First Ever US Expansion

For the first time in its 104-year history, MOSCOT is expanding its stateside footprint. Located on Melrose Avenue in West Hollywood, the newly opened annex is a “continuation of the brand’s rich history steeped in New York City tradition.” The building is sheathed in yellow and emblazoned with the iconic MOSCOT eyes while driving down […]