Twin Tenements on Orchard Street Hit the Market for First time in 90 Years

Posted on: May 14th, 2018 at 5:08 am by

May 2009

The dominoes continue to fall.

Two conjoined, through-block tenements in Hell Square just hit the market last week, 159-161 Orchard Street (aka 164-166 Allen).

If the broker-babble is to be believed, then this is the first time to market for these properties in some ninety years. The buildings are pitched as an investment with significant upside given the “prime retail” and number of rent stabilized apartments within. (We’ve seen this movie before.)

Meridian Capital is representing the seller, listed as the estate of Philip Golden, according to public records.

Below is the listing via Meridian Capital:

Meridian Investment Sales is pleased to present exclusively 159-161 Orchard Street, also known as 164-166 Allen Street – two contiguous, block through, mixed-use walkup buildings with tremendous upside in Manhattan’s prime Lower East Side neighborhood. Owned by the same family for over 90 years, the buildings rise five stories, spanning 22,734 square feet with 22 apartments, seven retail stores, and two second floor commercial units.

The properties benefit from prime retail with 61 feet of frontage along both Orchard & Allen Streets, which is currently leased below market nearly eighty percent on residential units and forty five percent on the retail. Investors have a unique value add opportunity to reposition the retail and residential units and maximize revenue.

No price tag is printed.

However you slice it, this might not bode well for the retail, most of which is mom-and-pop, or the rent-stabilized tenants.

Recent Stories

Remember When You Could Actually Get a Pickle on Pickle Day?

Seems like a no-brainer question – remember when you could actually buy a pickle at the annual Lower East Side Pickle Festival? Back when the party spanned the single block of Orchard Street between Broome and Grand, in front of Guss’ Pickles. Ever since the business improvement district turned the yearly event into a trendy […]

Two Bridges ‘Final Stand’ Against Wall of Glass on the Waterfront

While Pickle Day seduced the mainstream on Orchard Street yesterday afternoon (i.e. tourists), the mood was much less happy-go-lucky down in Two Bridges. Full sour, indeed. Dozens gathered in a show of solidarity for a so-called “final stand” against the addition of four more supertall towers along the Lower East Side waterfront. Timing of the […]

Mile End Deli Pulls the Plug on Bond Street

Mile End Deli on Bond Street is no more. The Brooklyn-based establishment ended service yesterday, concluding more than six years on the Lower East Side. The Jewish-Canadian deli is now down to one location – the Brooklyn original on Hoyt Street. A printout in the window explains how “it was a hard decision to close” […]

Man Slashed Across the Face in Sara D. Roosevelt Park in ‘Random’ Attack

The crime emanating from Sara D. Roosevelt Park these days appears to be worsening. Saturday afternoon at around 1:15pm, a 34-year-old man was slashed across the face near the Parks Department storehouse on Stanton Street. The victim allegedly did not know his attacker, who fled southbound on Chrystie thereafter. The authorities are reportedly calling it […]

Revisiting the Rise of Brooks Brothers on the Lower East Side

Brooks Brothers shuttered its Financial District store yesterday (October 11), a location the company held for the last 45 years. The landlord, Brookfield Properties, hopes to “overhaul the property.” “The store is closing due to the landlord’s plans for extensive renovations and changes to the building,” Brooks Brothers VP global public relations told Patch. “We […]