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