Last Low-Rise Retail Strip on Delancey Street Nets $14M

Posted on: November 27th, 2019 at 5:00 am by

The last low-rise strip of retail on the Delancey Street corridor just changed hands for the handsome sum of $14 million.

For more than four years, the single-story row of retail at the foot of the Williamsburg Bridge on had been pitched as a prime development opportunity. Until this past September when we caught wind of its sale to Faramarz Hedvat of Delancy Towers LLC. Closing date was listed as November 1 in the initial papers, but officially recorded as two weeks later for $14 million.

It’s a more than twofold return for Ashkenazy Investments, which purchased the property in 2013 for $6 million.

For that kind of dough, it seems unlikely that 156-164 Delancey stays low-rise in the long run. Some sort of mixed-use tower on the enormous parcel seems like the end game; just look what’s happening across the street at Essex Crossing.

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