Chinese Church on Allen Street Changes Hands for $11.4M
This image has been archived or removed.
The Chinese Christian Herald Crusades church finally found a buyer for its property at 48 Allen Street (aka 49 Orchard). The seven-story property had been on and off the market the last few years without any bites. Until last week, when Hogg Holdings snapped it up for $11.4 million, $3.6 million shy of its prior asking price.
Hogg Holdings is increasing its, well, holdings around the Lower East Side. The firm is currently constructing the new mixed-use development rising at 287 East Houston (near Clinton Street).
Previous marketing materials pimped the 15,334 square-foot church as a sound investment for speculators…
Considering the building will be delivered vacant, 48 Allen Street is ideal for an end user interested in occupying all or a portion of the building. Furthermore, the property is located in a C6-2 zone, commercial use such as a hotel would be permitted and therefore the buyer could convert the existing building into a hotel. Alternatively, the building could be converted into residential use such as rental or condominium units.
So, yeah. Expect the Chinese Christian Herald Crusades church to vacate shortly, and the potential for a hotel to happen here.