Historic Beckenstein’s Building on Orchard Street Sells for $28M

Posted on: August 14th, 2015 at 5:00 am by
This image has been archived or removed.

There’s a reason why all the old-school vendors vacated 130 Orchard Street in the past several months. Most recently, World Hats and World Fragrances. They were forced out due to an impending sale.

That’s right, the historic Beckenstein’s building just sold for $28 million. Notorious landlord Delshah Capital reportedly purchased the property in an off-market deal with SoHo-based Midway Investors. The word had been on the street for weeks, but only confirmed yesterday. 130 Orchard last changed hands in 2010 for $9.3 million, according to public record; that’s a three-fold return on investment in five years.

The 28,000 square-foot building boasts eighteen market-rate units and 5,000 square-feet of commercial space. Other amenities include elevator, outdoor space, private and common terraces, and twenty-foot ceilings.

With ballooned ego, Michael Shah’s real estate company noted that this purchase will “lead the way for a transformation of Orchard Street.” What type of transformation is still unclear. Yet given his MO for other properties around town, expect a push for more liquor licenses in that ground level.

The Beckenstein’s fabric business, whose name remains painted on the facade, moved from Orchard Street in 2003. It now maintains a presence in the Garment District.

[h/t Real Deal]

Recent Stories

The Ten Bells Rings in New Bushwick Bar

The Ten Bells is ringing in a new outpost – this time, not on the Lower East Side, but in Brooklyn. Bushwick, specifically. The natural wine bar has taken over a space that previously housed a Breaking Bad-themed coffee shop, Walter’s Coffee Roastery. The OG at 247 Broome Street is still alive and kicking, though […]

Graffiti Sheathed Burger King on Delancey Street Burns Out

Call it a BK bust. The Burger King on Delancey Street is no longer open. Enveloped in graffiti and plywood boards for the majority of the pandemic (owing thanks to a car that landed inside the restaurant) the fast food joint had nevertheless persisted. Rather than scrub the storefront, the franchisee took a page from […]

City Turbo Charges Essex Street Municipal Garage with Electric Car Stations

The municipal parking garage on Essex Street is charged up for a new future. That of electric vehicles. Last week, the Department of Transportation unveiled four new fast-charging stations in the carpark. The addition on the Lower East Side is the first in a rollout across the city for the technology, which provides an 80-percent […]

Bay Area Export ‘Beloved Cafe’ Aims to Serve by Month End on Allen Street

The Lower East Side will soon be flowing with golden milk. Beloved Cafe – a San Francisco-based vegan eatery and juice bar – is headed to 196 Allen Street. As previously reported, the new location is the first expansion for the company beyond its Bay Area environs. Ownership promises that the new cafe is to […]

Economy Candy Rebounds with New Store Layout

Economy Candy officially returned from the pandemic sidelines with a block party and fresh store layout. The celebration involved the Big Gay Ice Cream truck outside 108 Rivington Street, and Gotham chocolates parked inside doling free samples. In the remodel, the store did not lose any of its old-school-warehouse-meets-Willy-Wonka charm. And it’s now substantially easier […]