Still on Market for $16.5M, Low-Rise Delancey Street Retail Attracts ‘Cricket Wireless’
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Cricket Wireless is expanding its portfolio of stores on the Lower East Side. Currently with three service spots on its roster, the four-year-old mobile provider just added another. And in a curious location, too. The low-rise strip of retail by the Williamsburg Bridge.
For nearly three years, property owners Ashkenazy Investments advertised the corner space for lease at 156-164 Delancey Street. Even after thirty-year-old Sneak Jeans called it quits. There were no takers until this week, when Cricket Wireless decided to open an outpost here. The aforementioned banner has been removed, but the marquee remains without signage.
Cricket is a prepaid mobile service with 5 million subscribers, and currently owned by AT&T Wireless (purchased in 2014).
However, this seems like a short-term measure; rearranging the deck chairs on the Titanic, if you will. 156-164 Delancey is still on the open market nine months later. The exact pitch changed in the interim, too. Rather than offering only the residential development rights and retaining the retail component, Ashkenazy backtracked and would now like to unload the whole shebang for $16.5 million.
The subject property is currently improved by a one story commercial building built full on the approximately 109’ by 25’ lot. Under the existing R8A/C6-2A zoning with a C1-5 overlay, a developer could build up to approximately 14,715 square feet as-of-right or approximately 19,620 square feet through utilization of the optional Inclusionary Housing Bonus. The C1-5 overlay allows for up to 2.0 FAR for commercial use, providing potential purchasers the opportunity to construct valuable retail space that will benefit from the tremendous frontage on Delancey Street and heavy foot and vehicle traffic from both Essex Crossing and the Williamsburg Bridge.
Sitting in a C6-2A zoning area, the developer can build up to twelve stories with inclusionary housing bonus. There is no such thing as low-rise on the Lower East Side anymore.