Two-Story Shops at 330-332 Grand Street Sell for $6M, Demolition and Redevelopment Imminent
Back in April, we noticed some unusual activity happening at 330-332 Grand Street. The roll-down gates for all five commercial units were hoisted, and the sidewalk flaps to the cellar opened. This could only mean one thing – imminent changing of the guard.
And that’s exactly what happened. According to public records, the holdout two-story pastel properties entered into contract right around the time we spied a few investor types surveying the mid-block real estate, tape measure in hand. The team spent several minutes that brisk April morning measuring the total width of the lot.
In the end, the two parcels sold three weeks ago for the sum of $6 million. Buyer of record is 330 Grand LLC, which acquired it from Morris Goldman Real Estate Corp. Deeper digging reveals that the investor behind the corporate shell is most likely Daniel Wise, a local property owner who purchased two other Lower East Side locations in 2015 and is currently amidst redevelopment efforts.
The adjoining Grand Street properties were previously brokered by RKF, and pitched as a “development opportunity.” Literature describes the area as “undergoing a dramatic transformation spurred by the influx of many young, affluent New Yorkers who enjoy the benefits of the eclectic neighborhood – from its burgeoning nightlife to its high-end boutiques and residences.” In other words, the wrecking ball is idling just around the corner.
Seriously. There are demolition permits on file to raze both 330 and 332 Grand Street, approved by the Department of Buildings back in mid-May. (Wise’s name is on these permits as owner.) Current zoning allows for 11,900 buildable square-feet of space for the inevitable future development.
With the loss of these buildings, so goes the entirety of the former strip of low-rise retail. An event more than a decade in the making.
To say that a slow death befell the properties would be an understatement. In the last few years, the small mom-and-pop businesses that occupied this retail row gradually vacated or went bust. One reader who attempted to purchase the properties in 2015, claimed that the owners continued to hold out for a sale price “greater than the market value.” In fact, said reader thought the price tag at the time hovered between $12 and $15 million (not confirmed).
Guess they settled for half.