Orchard Hell Building Retail Units Sell For $21M
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Ever since the branded sidewalk bridge arrived in October, the commercial retail in the base of the 23-story Orchard Hell Building has been dormant. Cushman & Wakefield is still pimping the properties – separate from the Hotel Indigo upstairs – for possible flagship usage. But now, a wrinkle in the story…
The Real Deal reported last week that a multimillion-dollar joint venture between Cohen Equities and Premier Equities together purchased the retail condos and the onsite parking garage at 180 Orchard Street. Total price of the acquisition was $21 million for 10,400 square-foot retail footprint and 19,000 square-foot subterranean garage (89 spaces).
Cushman & Wakefield broker Jesse Hutcher told the publication that “restaurants and international apparel retailers have expressed interest in the space.” And further, that some of these companies are reportedly in “advanced negotiations” to open some sort of flagship site.
One thing is for sure here, though. This belleaguered block needs another bar/restaurant like it needs a hole in the head. Hell Square is completely saturated.
Brack Capital purchased the Orchard Hell Building in 2011 for $46.4 million and proceeded to attract ICG to the picture. A 295-room Hotel Indigo was the result, and is slated for debut later this spring. There will be plenty of artwork courtesy of Lower East Side legend Lee Quinones.