Delancey Bridge Tower Zombie Project Site Sells for $29M

Posted on: December 21st, 2017 at 5:08 am by

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.

November 2010

Recent Stories

The Ten Bells Rings in New Bushwick Bar

The Ten Bells is ringing in a new outpost – this time, not on the Lower East Side, but in Brooklyn. Bushwick, specifically. The natural wine bar has taken over a space that previously housed a Breaking Bad-themed coffee shop, Walter’s Coffee Roastery. The OG at 247 Broome Street is still alive and kicking, though […]

Graffiti Sheathed Burger King on Delancey Street Burns Out

Call it a BK bust. The Burger King on Delancey Street is no longer open. Enveloped in graffiti and plywood boards for the majority of the pandemic (owing thanks to a car that landed inside the restaurant) the fast food joint had nevertheless persisted. Rather than scrub the storefront, the franchisee took a page from […]

City Turbo Charges Essex Street Municipal Garage with Electric Car Stations

The municipal parking garage on Essex Street is charged up for a new future. That of electric vehicles. Last week, the Department of Transportation unveiled four new fast-charging stations in the carpark. The addition on the Lower East Side is the first in a rollout across the city for the technology, which provides an 80-percent […]

Bay Area Export ‘Beloved Cafe’ Aims to Serve by Month End on Allen Street

The Lower East Side will soon be flowing with golden milk. Beloved Cafe – a San Francisco-based vegan eatery and juice bar – is headed to 196 Allen Street. As previously reported, the new location is the first expansion for the company beyond its Bay Area environs. Ownership promises that the new cafe is to […]

Economy Candy Rebounds with New Store Layout

Economy Candy officially returned from the pandemic sidelines with a block party and fresh store layout. The celebration involved the Big Gay Ice Cream truck outside 108 Rivington Street, and Gotham chocolates parked inside doling free samples. In the remodel, the store did not lose any of its old-school-warehouse-meets-Willy-Wonka charm. And it’s now substantially easier […]