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

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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]