Forever Stalled ‘Delancey Bridge Tower’ Back on the Market for $33.9M
One of the longest running arrested developments on the Lower East Side is back on the market. There is life yet in this beast.
The forever-stalled Delancey Bridge Tower – a bang-to-bust construction dating back to 2012 – remains a partially-built nightmare. It should’ve already reached its twelve-story height by now. Nope. There hasn’t been activity here since the summer of 2014.
The property is now being pitched for $33.9 million.
The five-parcel property was last punted to the open market back in 2015, for an overvalued $35.5 million. Since then, a series of lawsuits amongst former and current ownership transpired. The first was filed against the 53 Chinese investors in February 2016 by the original owner, who claimed that he was contractually promised condo space in the new development and that its failure caused serious losses; several months later, ownership sued a prospective buyer who failed to close on the $29.5 million contract at deadline in May 2016.
Anyway, enough history lessons. Below is the broker-babble per Cushman & Wakefield.
Five lots were combined to form an “L” shaped development site with 75’ of frontage on Delancey Street and 53’ on Pitt Street. The lot size is 10,925 SF and lies in an R-8A* zone. F.A.R. is 5.4 for residential, 6.5 for community facility and 7.2 with the inclusionary housing bonus. There are approved plans for a 75,000 SF, 12-story, mixed-use building with community facility space in the cellar and ground floor and residential on floors 2 through 12. The possibility exists to increase the floor area with Inclusionary Housing or Inclusionary Certificates (call for more information).
The site has sat dormant since October 2015, when the DOB placed a Stop Work Order on the property. There is a partially constructed steel structure in place up to the 4th floor. An environmental report and structural remediation plan are available upon request and would allow for a developer to utilize the existing steel and concrete work. The subject property is located across the street from Essex Crossing, one of the most anticipated development projects in Manhattan. 206-210 Delancey Street is situated on one of the busiest corridors in the historic Lower East Side, a dynamic neighborhood featuring a wide array of unique shopping experiences, cutting-edge dining establishments, and a burgeoning nightlife scene. The neighborhood has experienced a renaissance in recent years, attracting a diverse mix of residents with its immense cultural amenities and convenient proximity to the rest of Manhattan and Brooklyn.