Weilgus & Sons Building on East Broadway Hits the Market for $11M

Posted on: November 2nd, 2016 at 5:01 am by
This image has been archived or removed.

The eastern fringe of Chinatown is really starting to sell off. Lots of building transactions, hoity-toity galleries, and bar-restaurants. As a result, the area totally resettled, and should succumb to the pressures of hyper-gentrification in short order.

Case in point is 158 East Broadway, with Weilgus & Sons on the ground level. The tenement just hit the market earlier this week for $11 million. Cushman & Wakefield is the exclusive broker. They claim this to be a “cash flowing block,” and it’s easy to see why. Some of the Chinese businesses are closing, and places like Gracias Mama and white-box galleries are moving in.

The subject property is a five-story mixed-use building, located between Essex and Pike Streets and runs block through from East Broadway to Canal Street. The ground floor is built full on the lot and currently occupied by a hardware store paying $12,500/mo with 7 years remaining on their lease. The tenant reserves the right to cancel lease after 3 years. Furthermore, the retail tenant benefits from lower level storage with great ceiling heights. Floors 2 through 5 are separated by 25’ x 10’ courtyard. There are 16 apartments in total. 8 apartments are on the East Broadway side and 8 apartments are on the Canal Street side. 6 of the 16 apartments will be delivered vacant. The remaining 10 units are occupied and rent stabilized.

This offering poses an excellent opportunity to acquire a cash flowing block through property with excellent short and intermediate term upside potential in both the retail and apartments. The air rights are intact.

The five-story property is through-block with exposure on Canal Street, as well. The Weilgus family – which maintains the locksmith business on the ground floor – has owned the building for nearly forty years, according to public records. The store itself is third-generation, open since 1932.

This image has been archived or removed.

Recent Stories

Hinds Talk the ‘Prettiest Curse’ and Love for NYC [Interview]

Spanish indie rock outfit Hinds drops their much anticipated third album today, The Prettiest Curse. Prior to the pandemic, I chatted with lead singer and guitarist Carlotta Cosails. An unabashed fan, my goal was to avoid becoming awkward fangirl, Mel, from Flight of the Conchords. A nearly impossible feat, as Hinds’ first two albums, Leave […]

The Reason You Don’t See Trash Cans on the Lower East Side

You may have noticed the lack of trash cans on street corners around the Lower East Side this week. Vanished seemingly overnight. As a precaution this week, the city quietly removed receptacles from neighborhoods overwhelmingly hit by unrest and looting following the killing of George Floyd. It’s estimated that roughly 2,000 were temporarily towed citywide, […]

Pink Protest Signage Screams Poor Taste at the Museum of Ice Cream

When New York City begins its reopening on Monday, SoHo will be boarded up as if for a hurricane, and the streets emptier than when the COVID-19 shutdown began. Signage of the luxury retailers has also been erased by the appearance of bare plywood, Black Lives Matter graffiti, or both. But the Museum of Ice […]

A Scene, Unseen: LES Music Venues, Musicians Stay Visible Despite Closures

By the time this article is published, 11 weeks of self-isolation will have passed. It’s been 11 weeks since many of us have gone to work, since grocery stores have felt safe, and since handshakes have felt friendly. And those are only the most banal, everyday changes. When it comes to the moments we share […]

Lower East Side Businesses Boarded up their Storefronts Amidst Citywide Looting

When the pandemic hit, it was mainly the luxury stores in SoHo that began boarding up the windows for fear of looting. It’s now a reality in the atmosphere following the controversial death of George Floyd, an African American man who died in Minneapolis police custody. For days, looters took to the streets, oftentimes piggybacking off […]