Delancey Bridge Tower Zombie Project Site Sells for $29M
Another Lower East Side zombie reanimates…
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 (at least), leaving the steel bones of the project exposed. This week, however, brings word of progress in the form of property sale.
The Real Deal reported yesterday that the group of investors led by Andy Zhu – which purchased 208-210 Delancey Street in 2011 for $8.7 million – sold out to China-based developer New Empire Real Estate Development. Closing price was $29 million, significantly less than the asking amount in real estate listings last summer (Cushman & Wakefield had it on the market for $33.9 million).
“The Lower East Side is better for rentals,” Zhu told the real estate publication. “We don’t do a lot of rentals.”
The five-parcel property at the corner of Pitt Street has also been a legal quagmire. Since its groundbreaking more than five years ago, a series of lawsuits amongst former 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 allegedly failed to close on the $29.5 million contract at deadline in May 2016.