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

City Turbo Charges Essex Street Municipal Garage with Electric Car Stations

The municipal parking garage on Essex Street is charged up for a new future. That of electric vehicles. Last week, the Department of Transportation unveiled four new fast-charging stations in the carpark. The addition on the Lower East Side is the first in a rollout across the city for the technology, which provides an 80-percent […]

Bay Area Export ‘Beloved Cafe’ Aims to Serve by Month End on Allen Street

The Lower East Side will soon be flowing with golden milk. Beloved Cafe – a San Francisco-based vegan eatery and juice bar – is headed to 196 Allen Street. As previously reported, the new location is the first expansion for the company beyond its Bay Area environs. Ownership promises that the new cafe is to […]

Economy Candy Rebounds with New Store Layout

Economy Candy officially returned from the pandemic sidelines with a block party and fresh store layout. The celebration involved the Big Gay Ice Cream truck outside 108 Rivington Street, and Gotham chocolates parked inside doling free samples. In the remodel, the store did not lose any of its old-school-warehouse-meets-Willy-Wonka charm. And it’s now substantially easier […]

Now Reopened, Blue Moon Hotel Pins Survival on New Restaurant and Bakery

The Blue Moon Hotel on Orchard Street hopes that diversification in its fifteenth year might bolster the bottom line. As part of its reinvention (and reopening), the Settenbrino family is looking to become more than just a “museum hotel” by creating food and beverage options. Specifically, two onsite establishments – Settenbrini’s enoteca and the Sweet […]

Woodward Gallery Honors 9/11 Anniversary with Monthlong Exhibition

Amidst the many twentieth anniversary observations of 9/11, the Woodward Gallery is presenting a different type of tribute. It’s current exhibition, which is designed to be easily seen from the street even when the gallery is closed, consists of prescient works of art. “Observing 9/11: Breen, Bridges & Corn September 2021” showcases three poignant artworks, […]