‘A. Feibusch’ Might Get Unzipped from Allen Street as 2-Story Property Hits Market for $6M
It’s one of our favorite buildings in the area, and might meet the wrecking ball in the not-too-distant future.
The A. Feibusch Corp. zipper supplier (aka Zipperstop) – located on the Lower East Side for over seventy years – is probably counting down the days. Indeed, a real estate listing just hit the market that pimps 27 Allen Street as a prime development opportunity in “one of Manhattan’s most exciting and emerging markets” (didn’t that already happen?).
In fact, the Feibusch lease expires in March 2018. Which means that the three floors of of zippers in 502 different colors might soon be emptied.
Here are the details, per brokerage Cushman & Wakefield:
The C6-1G zone allows for a mix of uses including Residential, Commercial and Community Facility. A developer could build a Residential development of approximately 7,594 BSF (3.44 FAR), Commercial of 13,246 BSF (6.00 FAR) or Community Facility of 14,350 BSF (6.50). Due to the strong demand for retail, office, hotel and residential space in the immediate area, a developer would benefit from building a mixed-use building between 13,246 BSF and 14,350 BSF. The area has witnessed a tremendous amount of new development in recent years.
The two-story building itself, meanwhile, is listed for $6 million. Seller of record is the Sherman family, which has owned 27 Allen Street since at least 1974, according to public records.
The Zipperstop business is run by nonagenarian Eddie Feibusch, who has been at 27 Allen Street since 1982. That’s the year his business moved from its longtime headquarters at 111 Hester Street (where it had been since December 1941).
If this one goes, don’t be surprised if the adjoining brick buildings follow…