Single-Story Delancey Street Retail Strip Returns to Market for $14.5M
For the umpteenth time in recent years, the 2,752 square-foot single-story row of retail along Delancey Street by the Williamsburg Bridge is again up for grabs.
There has been a flurry of activity here of late, largely to reface the entire property. What was once a run-down facade now boasts some real definition and machismo. Perhaps the months-long job was to attract buyers hoping for “development upside” (total buildable square-footage of 16,377 square feet) in short distance from Essex Crossing.
A tipster sent along the below listing that 156-164 Delancey Street is back on the market, this time for a princely $14.5 million. If you’ve been keeping track here, that’s a price cut of $2 million since the last offering in 2015.
Ashkenazy Investments is still the owner of record, having scooped up 156-164 Delancey from Yeshiva University for a smallish $6 million in April 2013. There are several retailers including Get Set (shoe store), Cricket Wireless (phones), and Happy Wok (Chinese food).
Below is the broker-babble from Marcus & Millichap. Note that all retail units are now endangered:
Marcus & Millichap is pleased to offer for sale a 2,752 square foot single-story retail strip with seven stores located on the corner of Delancey Street and Clinton Street in Manhattan’s Lower East Side neighborhood. The property has 109 feet of retail frontage on Delancey Street, and it is 100% occupied. The offering has incredible visibility, as it is the first property someone sees as they enter Manhattan from the Williamsburg Bridge. In addition, because of the frontage and visibility, the property features a billboard leased to Lamar through 2020.
The property is zoned R8A, and with a maximum FAR of 6, there is the potential to add another 13,625 square feet (total buildable square footage of 16,377 square feet). All of the tenants, including the billboard, have demolition clauses in their leases. This property just underwent an extensive exterior renovation, and all the units are individually metered for utilities.
This is the incredibly rare opportunity to purchase a single-story multi-tenant retail property in Manhattan with outstanding frontage and development upside.