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