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

‘Bill Graham and the Rock & Roll Revolution’ Opens at the New-York Historical Society

For many who grew up in a certain era, the name Bill Graham sparks Proustian memories of life-changing rock-and-roll shows. And if you were in San Francisco or New York City, the music impresario’s Fillmore concert venues were the greatest places in the world to see live music. Starting in 1965, Graham was booking and […]

Delancey Street Bodega Robbed at Gunpoint, Suspects at Large

Police are after two men suspected of holding up a Delancey Street bodega at gunpoint. The robbery – caught on camera – happened shortly before 4:30pm at the N&N Delancey Smoke Shop near the southwest corner of Allen Street. One suspect asked the clerk for cigarettes, while the other reportedly demanded money with an assault […]

A Decade Later, the Lowline is Stopped in its Tracks

More than a decade after its conception, the ambitious Lowline project is kaput. Stopped in its tracks due to financial constraints, Crain’s reports. The founders of the $83 million subterranean park – Dan Barasch and James Ramsey – announced this week that the project is no longer viable. That despite years of neighborhood outreach, appearances […]

It’s Enough with the Film Crews in Chinatown [OP-ED]

For Chinatown, it’s a perfect storm. At a time when area businesses are reeling from the “Double-Whammy” of closed streets (due to the fire at 70 Mulberry) and tourists avoiding the area fearing Coronavirus, film productions are also taking away curbside parking. More than four blocks’ worth last Friday. Chinatown stores have long suffered a […]

‘Bulletin Broads’ Feminist Boutique Quits Prince Street

Update your bulletin board. The Bulletin Broads are through with Prince Street. The Brooklyn-based store and feminist collective lasted about three years at 27 Prince before its recent shutter. A poster taped to the window bids farewell to the neighborhood and spins the news. “Peace out, Nolita, it’s been real,” it reads. And also, that […]