11-Story Apartment Building on Orchard Street Listed for $16M

Posted on: September 12th, 2018 at 5:03 am by

Photo: Google Maps

Landlords in the so-called Orchard Street gallery district continue to cash out. The latest to hit the market is number 55, located between Grand and Hester streets.

The eleven-story apartment complex went up for sale last week with an exorbitant price tag of $16 million. Jacov and Lazar Zimerbort are the current owners and have been since 1998; the same brothers who developed the “Z Building” development across the way at 54 Orchard.

55 Orchard Street is a block-through, mixed-use elevator building (aka 54 Allen Street) with 12 apartments and ground-floor retail (including McKenzie Fine Art). The relatively new development is pitched as a prime opportunity for condo conversion. Below is the listing via Cushman & Wakefield:

The property is 11 stories consisting of storage and laundry in the basement, retail on the ground floor and basement, two offices on the second floor and a total of 12 apartments on floors 3-9. The building is fully occupied and has a cellular antenna on the roof. There are two apartments on floors 3-7 and each apartment is a 1 bedroom with a balcony. Apartments 3A & 3B have larger terraces. On the 8th and 9th floors the elevator opens up into 2 bedroom 1.5 bathroom floor-through apartments with balconies. The commercial space is leased to a gallery and both offices are currently leased up. There is significant upside in the rents and the property is a prime opportunity for a condo conversion. The current gross rent is $662,700 and the current NOI is $371,651. The projected gross rent is $791,820 and the projected NOI is $495,025.

Recent Stories

Are We Really the Fairest Big City with a Mayor for the 1%? [Op-Ed]

The following editorial was written by David Tieu on behalf of Youth Against Displacement, a group formed by youth across the City who aim to stand up against the Mayor’s pro-developer agenda and protect our communities from displacement. Last week, New Yorkers were greeted with two new proposals from the de Blasio administration: a “municipal […]

‘The Forward’ Ceases Print Publication After 121 Years

The Forward will do so without its print edition. The 121-year-old Jewish-American publication, founded as the Yiddish language Jewish Daily Forward on the Lower East Side in 1897, suspended print operations this week and will refocus efforts toward its online verticals. As a result, forty percent of the staff was reportedly laid off, including editor-in-chief […]

RIP Lower East Side Man in White, ‘Jimmy Blanco’

It’s a sad day for the Lower East Side. Jimmy Becker, known colloquially as “Jimmy Blanco” for perennially roaming the streets dressed in all white, passed away this week after a battle with Lymphoma. It’s believed he was about 69 or 70. Apparently, a neighbor in his building called EMS a couple weeks ago after […]

Tictail Brick-and-Mortar Market on Orchard Street Goes Under

Tictail officially closed down its Lower East Side market last month. The former shop at 90 Orchard Street is now a vacancy with the token farewell letter on the door. This retail surrender follows just a short while after the Swedish startup’s high-profile acquisition by Shopify. As for what’s next, expect nightlife of some sort. […]

More on ‘Gouie New York’ Sake Bar at the Market Line

The team behind Itzakaya, Davelle, and Samurice is multiplying again on the Lower East Side. More specifically, joining the ever-swelling roster of the Market Line concourse at Essex Crossing. As previously reported, the entity is to be a Japanese sake bar called Gouie New York. And now we have some additional details, including sample menu […]