DelShah Repositions 130 Orchard Street as ‘The Beckenstein’ After $28M Purchase

Posted on: October 7th, 2015 at 5:14 am by
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The address 130 Orchard Street doesn’t exist anymore. At least not in the eyes of brokers hell-bent on selling all corners of the Lower East Side to the highest bidder. It’s now forever known as the predictable, The Beckenstein, an obvious homage to its roots as a textile factory. (Unclear if permission was obtained from the family.)

Anyone coulda seen this one coming, though. As previously reported, Michael Shah (DelShah Capital) purchased the hulking neighborhood icon back in August for $28 million. This must be the touted grand plan to, in his own words, “lead the way for a transformation of Orchard Street.”

The property is now positioned as high-end luxury to compete with the glut of similar residential living nearby. Just check out the new website for “One Thirty Orchard” aka The Beckenstein.

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The 28,000 square-foot building boasts eighteen market-rate units and 5,000 square-feet of commercial space on the ground level. Other amenities include elevator, in-unit laundry, private and common terraces, and twenty-foot ceilings. Shah apparently paired up with Real New York – landlord Samy Mahfar’s real estate brokerage – to rep the property. For instance, we came across a three-bedroom unit currently on the market for a whopping $6,969.

And then there’s the retail component at 130 Orchard. The picked-through remnant of old-school vendors that occupied the four stores gradually departed (or were forced out) and not replaced. “Blue sky” renderings of the repositioned property show a combined commercial space with some sort of gallery holding court.

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

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