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

Recent Stories

Aerial Photos Call into Question City’s Decision to Fully Demolish 70 Mulberry Street

On the evening of January 23, as Chinatown residents prepared for the Lunar New Year, a devastating five-alarm fire decimated the former PS23 at 70 Mulberry Street. Nearly five months later, many in the neighborhood continue to question the city’s choice to fully demolish the facility. Especially after the emergence of aerial photos showing the […]

‘La Flaca’ Shuts Down After Nearly a Decade on Grand Street

The novel coronavirus continues to decimate both life and business at will. La Flaca, the nearly ten-year-old Mexican restaurant on Grand Street, is apparently the latest permanent closure on the Lower East Side. A trend that will likely worsen as the city slowly emerges from lockdown. Branded signage was deposed from the corner establishment last […]

George Floyd Protestors Shattered Windows of B&H Dairy on Second Avenue

An East Village favorite became the target of violence during a night of rage and protest on Saturday, in response to the controversial death of George Floyd at the hands of Minneapolis police last week. B&H Dairy on Second Avenue had its front window smashed with a bottle. Another setback for a mom-and-pop business struggling […]

Fires, Looting, Unrest: Scenes from a Day of George Floyd Protests on the Lower East Side

On May 25, Minneapolis resident George Floyd was suspected of passing a counterfeit $20 bill. Police arrested the 46-year-old black man, with one white officer pinning his knee into the suspect’s neck for eight minutes. Floyd was pronounced dead shortly after being taken into custody. This deadly response has plunged the country into unrest, sparking […]

Time to Demand Cuomo and de Blasio Protect Workers and Small Businesses in Reopening Plan (OP-ED)

The following editorial was written by Zishun Ning of the Coalition to Protect Chinatown and the Lower East Side. The New York City and State governments are still failing to protect people’s health and livelihood after two months of “PAUSE.” The number of deaths and infections remain high. Patients with COVID-19 are still turned away, despite […]