With Lawsuits Settled, 49 East Houston Street Returns to Market for About $20M

Posted on: April 5th, 2017 at 9:34 am by


When the plywood boards came down last week, it was a sure sign of revival for 49 East Houston Street. The vacant lot lay follow for nine years due to a perfect storm of economic turmoil and subsequent litigation.

Now, former building owner Steve Stollman, who sold the property to the investors Michael Hirtenstein and Sean Largotta in 2008 with the understanding of equity in the new project, tells us that the legal wrangling is apparently settled. He had sued the duo three years ago for about $9 million, claiming he was financially damaged because nothing was built.

“The settlement calls for me to sell the property and if I can get enough we share the proceeds,” Stollman quips. “Otherwise he gets to pay me off and get rid of me.”

“Since the last 9 years have brought a lot of spectacular development in Nolita and since this is one of the last blank spots in the vicinity, the price will 3 or 4 times what it was back in 2008,” Stollman tells us.

As such, Stollman is trying for the realm of $20 million, and believes the proximity to the Puck Building – with Ivanka Trump and Jared Kushner’s penthouse – will generate enough interest from “around the globe.”


Now that the new perimeter fence is built, Stollman is paying tribute to the rich history of the block with a graphic display highlighting well-known characters. For instance, Nikola Tesla, who invented alternating current and remote controls, worked in a laboratory across the street. (Before its demise nine years ago, 49 East Houston was a one-story structure built in the 19th century.) The pseudo-exhibit is called “The Mulberry Street Gang.”

Stollman was a fixture on the block for years before selling out. In this storefront, he sold bars and classic automat machines. But the space also doubled as a haven for bicycle activists – Time’s Up and Critical Mass.

Recent Stories

Borough President Implores Parks Commissioner to Address Community Concerns in Sara D. Roosevelt Park

Two stabbings within a twelve-hour period last weekend highlighted the decrepit, yet dangerous state of Sara D. Roosevelt Park. The violence apparently pushed Manhattan Borough President Gale Brewer to exert pressure on the Parks Department to address certain core issues. In a letter to Commissioner Gabrielle Fialkoff this week, Brewer identified two key concerns – […]

Loved Ones Crowdfunding for Grubhub Deliveryman Stabbed to Death on the LES

Loved ones have taken to online crowdfunding platform GoFundMe to help raise money for the Grubhub deliveryman stabbed to death in Sara D. Roosevelt Park last weekend. As reported, the incident transpired early Saturday morning near the Hester Playground in Sara D. Roosevelt Park. Surveillance footage shows that the attacker sat on the bench next […]

Coastal Resiliency Project Forces Lower East Side Ecology Center Compost Yard to Staten Island

The Lower East Side Ecology Center has its walking papers. The local nonprofit is amidst a move, relocating the East River compost yard it called home for the last two decades. Over the last week or so, the 22-year-old compost yard was dismantled, as the East Side Coastal Resilience Project is set to break ground […]

‘Citi Bites’ Takes Hell Square Corner

Another fast food option is coming to Hell Square. Citi Bites, not Citi Bikes, is described as a “modern deli,” this month signed a lease for the 2,000 square-foot cornershop at 101 Stanton Street. It takes the place of the former Prema hair salon which closed earlier this year. The bodega business reportedly agreed to […]

Police Release Chilling Video in Murder of Delivery Worker in Sara D. Roosevelt Park

Police released chilling new surveillance video showing the approached the defenseless delivery worker, moments before allegedly murdering him and stealing the electronic bike on the Lower East Side. As reported, the incident transpired early Saturday morning near the Hester Playground in Sara D. Roosevelt Park. The footage shows the attacker sitting on the bench next […]