Sherman’s Building on Division Street Listed for $6.5M

Posted on: March 7th, 2019 at 5:00 am by

Sherman Shoes, June 2012

The buildings along the eastern terminus of Division Street are selling at a clip. Next up, the elegant three-story walkup at number 121.

Listed at $6.5 million, the mid-block building at 121 Division Street is pitched as an opportunity for the buyer to live here while collecting rent on the other floors. Also at stake, the 4,300 square-feet of intact air rights.

No doubt the popularity of Sherman’s in the retail space, and the other popular establishments on the block, contributed to this elevated price point.

The new restaurant is named for the eponymous shoe store that held court on the ground level for many decades. Sherman Shoes was founded in 1920, and passed through more than three generations of ownership. Business has been headquartered online since the brick-and-mortar store closed a few years ago.

Cushman & Wakefield has the listing

The building has a new restaurant on the ground floor and 2 floor-through units above. The retail tenant is Kiki’s, a popular neighborhood restaurant (original location across the street). The 2nd floor is a 2 bedroom, 2 bathroom unit, with exclusive backyard access, which will be delivered vacant at closing. The 3rd floor is a gut renovated apartment designed and remodeled by famous designer Peter McGrattan in 1996 and was featured in the magazine “Home & Garden”. All units have separate on-floor mechanicals with heat/hot water/electric separately metered.. There are approximately 4,300SF of air rights intact.

The subject shares the block with many neighborhood staples including dozens of popular galleries, fashion retailers, coffee shops, modern restaurants in addition to the Lower East Side Business Improvement District’s office/center. Furthermore, it is located just a block from the historic Jarmulowsky Bank Building, which is in the process of being converted to a hotel.

Not mentioned in the broker-babble, though, is the close proximity to the neighboring Knickerbocker Post Office, which backs onto Division Street. Late-night noise from the loading docks have plagued residents for years.

Seller of record, according to the city’s public database, is Paul Sherman, a descendant of the family’s original business.

The new Sherman’s restaurant

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