Last Low-Rise Retail Strip on Delancey Sells for $15M

Posted on: July 17th, 2019 at 5:02 am by

August 2018

For more than four years, the single-story retail strip at the foot of the Williamsburg Bridge on Delancey Street has been on the market. Perennially pitched as a prime development opportunity.

And now it’s finally changing hands.

Public records show that the property is currently under contract, with a memorandum describing the terms. Ashkenazy Investments, which acquired the assemblage for $6 million in 2013, sold to Faramarz Hedvat of Delancy Towers LLC/93rd Partners LLC/73rd Partners LLC. The memo lists a total price tag of $15 million, with a close date of November 1.

For that kind of coin, there is no way this spot stays low-rise in the long term. A hulking tower on the enormous parcel seems like the end game here; just look what’s happening across the street at Essex Crossing.

Meanwhile, the retail maneuvering itself continues unencumbered. Inokim electric scooters opened a few weeks ago, and the Taco Mix eatery is on the way. As we’ve noted – rearranging the deck chairs on the Titanic.

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