A Block from Jarmulowsky Hotel, 15 Orchard Street Hits the Open Market for $4.5M
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With the 105-room Jarmulowsky Bank Hotel still a couple years from reality, the immediate area is already benefitting. Well, for the landlords, at least. Prices keep increasing here on the outskirts of Chinatown. The latest example is this stout, four-story tenement at 15 Orchard Street.
The mixed-use building hit the market last week for $4.5 million. Massey Knakal (now a Cushman & Wakefield company) is the broker. According to the literature, there are 3 full floor loft apartments (rentals) with 10-foot ceilings. It’s pitched as the perfect opportunity for a vertical extension, noting its 2,000 square-feet of available air rights.
15 Orchard Street is a 4-story mixed-use building located on the west side of Orchard Street, between Canal and Hester Streets. The building has 1 occupied retail unit on the ground floor and 3 floor through loft style apartments on the 2nd, 3rd and 4th floors. The ground floor retail unit benefits from a 13 foot ceiling and the apartments have 10’ ceilings. The entire building recently received a substantial renovation and is in excellent condition. The retail unit and apartments are all submetered for gas and electric. Furthermore, there are boilers in each unit and therefore all tenants pay their own heat. There are approximately 2,000 SF of air rights intact. All tenants are on a 1 or 2 year lease.
One thing you can bet on, though. T-Shirt Express on the ground level probably won’t last once this building is sold. Which is unfortunate, considering the store is known among locals for offering cheap price points on all sorts of gear (tees, sweatshirts, sweat pants, hoodies, etc).