‘Peace Pentagon’ Stores on Lafayette Street Vacated Ahead of Demolition and Redevelopment 

Posted on: February 11th, 2016 at 5:12 am by
This image has been archived or removed.

Earlier this month, the historic Peace Pentagon on Lafayette Street was given its final marching orders. Namely, that all ground-level stores must vacate by the end of the month. Just like that, a handful of small businesses are forced out.

Blame multi-millionaire real estate baron Aby Rosen (aka RFR Realty), who purchased the long-troubled property for $20.75 million last October. The building – owned and operated by the A.J. Muste Institute since 1974 – had reportedly been under contract since the previous June. You can guess what happens next. Demolition and condos. Naturally.

While there are no permits on file with the Department of Buildings just yet (for demolition or new building), one of the holdout shopkeepers relays word that all stores must be out by February 29. When pressed on the reason, we were told that the new owner wants to demolish the structure to build more condos.

This image has been archived or removed.

Cushman & Wakefield spelled out the particulars of the zoning parameters for the developer:

The site holds a base buildable square footage of approximately 16,275 at a 5.0 FAR and a buildable square footage of approximately 21,158 at a 6.50 FAR for community facility. It is zoned M1-5B, allowing for commercial, hotel and live-work as-of right. Although located in an M1-5B district, a developer could seek a special permit for residential, as multiple nearby projects have obtained a variance in order to construct residential condominiums.

Meanwhile, it’s a sad sight beneath that scaffolding, a life support mechanism that will soon be unplugged. Every single store carries a “going out of business” sign of some sort. Victims include the nascent pet shop Love Thy Beast, the decades-old KD boutique (since 1983), and the BrowNY International thrift shop, which already found a new location on Second Avenue.

We’ll keep you posted…

This gallery has been removed.

Recent Stories

Whole Foods Hogs Sidewalk with Amazon Prime Now Delivery Bike Fleet

The Whole Foods on the Bowery thinks it owns the sidewalk. Just look to the entrance, where a gaggle of delivery bikes, with long flatbeds hitched, are parked awaiting parcels. It even wraps around onto the Bowery. This is the fleet of vehicles whose sole purpose is fulfilling Amazon’s Prime Now delivery service. The sidewalk […]

Someone is Growing Corn Stalks on Delancey Street

Talk about farm to table… A guerrilla farmer is growing corn on Delancey Street, but you wouldn’t necessarily notice on first passing. The decrepit flower box outside the Allen Mall Bathhouse on Delancey Street is chock full of plantings. And the growing glut of crap behind it keeps you away. Gaze there, though, and you’ll […]

Rivington House Sells to Mystery Buyer for $160M

The saga of Rivington House continues this week with news of its sale. Indeed, three years after Slate Property Group, China Vanke Co., and Adam America Real Estate together purchased the property, the ownership team is cashing out. Price paid for the real estate was $116 million; sale price is $159.6 million. For the moment, […]

Report: Tenant Files Lawsuit Over Alleged Roach Infestation at 261 Broome Street

A new tenant at 261 Broome Street filed a lawsuit against the landlord, claiming that an alleged roach infestation forced her to leave after only four days on-premise back in June. The complaint, filed this week in Manhattan Supreme Court by Julia Perry, alleges that the infestation was so severe that the critters even found […]

‘Douzo’ Sushi Opens on Delancey Street

Two years after the closure of Berkli Parc, the southwest corner of Allen and Delancey Streets is finally active again. The plywood shed was recently removed to reveal terra-cotta marquee and identity of the next tenant – Douzo. For the new venture, Sushisamba veteran Koji Kagawa teamed up with Chatchai Huadwattana of the Chace Restaurant […]