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This image has been archived or removed.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This image has been archived or removed.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

CBGB Shut Down 15 Years Ago on the Bowery

Fifteen years ago. This was the night – arguably – that the last breath of punk exhaled on the Bowery. When CBGB concluded its residence at 315 Bowery. And the block could not look any different today. The former venue became, and remains, the upscale John Varvatos boutique; while its old CB’s Gallery space is […]

MOSCOT Launches New Chromeo Collaboration with in-Store Performance

MOSCOT recently launched a new collaboration with popular electro-funk duo Chromeo. To celebrate, the eyewear company is hosting a live performance of the group at its Orchard Street flagship tonight. According to the press release, the new “luxurious capsule collection” features two limited edition frame styles co-designed by David “Dave 1” Macklovitch and Patrick “P-Thugg” […]

Charlie Bird Vet Eyes Division Street for ‘Parcelle Wine’ Spinoff

A veteran of Charlie Bird is spinning off the popular Hell’s Kitchen wine shop into a dedicated bar on the Lower East Side. Down on Division Street in the orbit of Forgtmenot, Dimes, and Kiki’s. Three-year-old Parcelle Wine, situated inside the Henry Hall apartment building near the Lincoln Tunnel, has plans for 135 Division. Specifically, to […]

New York Rangers Pop-up Honors Hockey Great Rod Gilbert with LES Pop-Up

The New York Rangers are headed to the Lower East Side to honor one of its legendary fallen players, Rod Gilbert. With support from the Hockey Hall of Fame, the Blueshirts are hosting a pop-up tribute to the forward at 2 Rivington Street. “As we drop everything for Hockey Week, we also want to lift […]

Muralist David Flores Tapped for New Bowery Wall Art

The drum roll is up. Next in line at the Bowery Mural Wall is here. Muralist David Flores today joins the long list of artists at the Goldman Properties marketing vehicle. He announced the upcoming job via Instagram, standing in front of a whitewashed canvas, noting that “paint hits the wall, art is born.” Painting is […]