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This image has been archived or removed.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

Full GovBall Lineup Announced for Summer 2020

This year marks the 10th anniversary of The Governors Ball Music Festival on Randall’s Island, and Founders Entertainment has tapped some big names to kick off the celebration. Headliners for this year’s festival are GovBall veterans Tame Impala, alongside New York indie darlings Vampire Weekend. New additions to the top slots include venerable Fleetwood Mac […]

International Center of Photography Launches at Essex Crossing Next Week

For the International Center of Photography, four years of transition come to an end next week, as the institution plans its inauguration at Essex Crossing. The 40,000 square-foot museum and school, reunited for the first time since the midtown move, will debut on January 25 with a free “Opening Community Day.” Visitors on day one […]

Michelin-Star Chef Bringing Omakase to Former Black Tap on Ludlow Street

From shakes to sushi. After the epic bomb that was Black Tap, 177 Ludlow Street is now taking a more upscale tack. Omakase, which is Japanese dining for the ultra-luxe set. Real Estate Weekly has the scoop, reporting that a new mystery tenant, who currently owns and operates eight restaurants in New York and Tokyo, […]

‘Karvouna’ Evicted from the Bowery After Less than a Year

Restaurants can’t seem to make it work at 241 Bowery. The latest entrant, Karvouna Mezze, just joined the growing list of failures at this address. The City Marshal paid a visit to the restaurant and shut it down. All told, Karvouna lasted barely one year. Partners Dimitris Vlahakis, Wei Chen, and Chef Giuseppe Scalco (Merakia […]

Beastie Boys and Spike Jonze Announce New Documentary for Apple+

Apple yesterday announced that a new Beastie Boys documentary is coming to its Apple+ platform this spring. Right alongside the 26th anniversary of Ill Communication. Beastie Boys Story is just that – the history of the band as told by surviving members Mike D. and Adam “Ad Rock” Horovitz. It’s based on the bestselling Beastie Boys […]