Misrahi’s Long-Vacant 11 Essex Street Sells for $11.4M

Posted on: August 31st, 2017 at 5:08 am by

Eight years sitting empty, and a quarter of that time on the chopping block, a notorious Essex Street tenement building just sold for big bucks.

Real estate scion, Sion Misrahi of Misrhai Realty, parted with 11 Essex Street for $11.4 million. Slightly discounted from the $12.5 million price tag sought since late 2015. Buyer of record is 11 Essex Realty LLC, which picked up the property on August 15.

However, let’s not forget that 11 Essex brings with it quite a controversial history. Misrahi purchased the five-story building back in 2001. Several years later, the landlord succeeded in vacating the predominantly Chinese low-income residents, purportedly under the guise of emergency repair work. Construction of the neighboring condo at 7 Essex had already destabilized the structure years earlier, and Misrahi allegedly did little to repair the issues until it was too late. The Department of Buildings ultimately issued a full vacate order in May 2009 due to unsafe conditions.

The Villager noted at the time:

Across from Seward Park, 11 Essex St.’s top story leans out 9 inches over the ground floor. Inside, metal poles prop up caving-in ceilings. Out back, bricks have tumbled from the facade, leaving gaping holes behind.

On May 27, the Department of Buildings issued a full-vacate order, giving the rent-protected tenants just a few hours to pack up their apartments before the front door was locked behind them.

Before the vacate order in May, Misrahi had already cleared out most of the building’s tenants: As of this spring, only six of the 22 units were occupied.

Misrahi said he offered buyouts to some of the original tenants so he could fix up the building. He would not say how much he paid, except that it was less than $30,000 per apartment.

Longtime tenants said Misrahi persistently combined buyout offers with harassment in an effort to get them out of the building.

There had also been subsequent plans to enlarge the building in 2010, but that proposal was disapproved by the DOB. That path may likely resume now that the property is sold. Don’t be surprised if demolition permits soon follow.

Recent Stories

With LES Gentrification at Critical Mass, the Time is Now to Pass Universal Rent Control [OP-ED]

Bob Angles, a resident living in one of the affordable units of Essex Crossing, penned the following editorial. Secondary displacement, better known as gentrification, has been creeping up and down our streets for the past decade. Yet, with the arrival of thousands of new, unregulated apartments between the Extell tower (i.e. One Manhattan Square) and […]

‘The First Time I Saw The Ramones’ at the 72 Gallery on Orchard Street

Photographer Tom Hearn spent the night of July 22, 1976 at the Acadia Ballroom in New Haven, Connecticut. Attending at the behest of friend Legs McNeil, co-founder of Punk Magazine, that was the first time he saw the Ramones play live. And he captured it on film for posterity. Now, those images are on display […]

Epstein’s Bar is Whitewashed and Rebranded as ’82 Stanton’

In other news of nightlife name changes, the rebooted Epstein’s NYC is no longer. The bar is still there, of course, but the newish ownership is now trying on a new identity. Last week, Epstein’s painted its corner facade white. A literal whitewashing of its image, perhaps to shed its skater sports vibe for something more […]

He Said, She Said: A Two-City Concert Review of the Twilight Sad

Hot off the release of their fifth album It Won/t be Like this All the Time earlier this year, Scottish outfit The Twilight Sad have been hitting the stateside tour schedule pretty hard. Maybe a little too hard – their Boston show at Sonia was nixed due to a strain on James Graham’s vocals. We […]

Kushner’s $65M Purchase of Hotel on Rivington is Tripped Up

The Kushner Companies’ multimillion-dollar purchase of the Hotel on Rivington is reportedly on shaky ground. Last November, the firm entered into contract to acquire the twenty-story glass eyesore for $65 million. Fast forward six months. According to documents filed in New York Supreme Court Tuesday morning, uncovered by The Real Deal, Kushner Companies demands that […]