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This image has been archived or removed.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This image has been archived or removed.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

Lower East Side Ferry Route Permanently Reconfigured Due to Poor Ridership

Spring and summer usually see peak ridership for the city’s nascent ferry system. However, as with everything else these days, the novel coronavirus got in the way. In response to the ongoing crisis, the NYC Ferry program is reducing service by an additional 20-percent. Three routes are permanently reconfigured, including the Corlears Hook line, which […]

Scarr’s Pizza Reopens Today for Pickup and Delivery

On the sidelines for two months, Scarr’s Pizza reopens on the Lower East Side today. The popular Orchard Street pizzeria had shuttered in mid-March, just as the COVID-19 pandemic seized control of the city. Customers can order only for pickup or delivery (via Caviar); no slices. Still no word on how this extended closure ultimately […]

POP International Galleries ‘Collects for Cause’

Hello Art Lovers! This one’s for you. Starting tomorrow, and running through June 20, POP International Galleries (whose brick and mortar is 195 Bowery) will be presenting an online group charity exhibit suitably named “Collect for Cause.” The event will feature a mix of new and familiar faces. From the POP Press Release: No one […]

MooShoes Permanently Closes its LA Store Amidst COVID-19 Pandemic

Popular vegan shoe store, MooShoes, permanently closed its Los Angeles satellite earlier this month. The retail outpost had been in business on the West Coast since 2014. Six years later, it’s done in by the novel coronavirus. The shutter does not affect the Lower East Side original, which has been out of commission due to […]

Man Seriously Injured in Stabbing at Ludlow and Delancey

Cops say that a man was seriously injured in a stabbing on the fringe of Hell Square late Monday night. The twenty-something was stabbed in the “upper abdominal” area during an altercation with an unknown assailant near the northeast corner of Ludlow and Delancey Streets. The police report noted a “large pool of blood” on […]