FusionArts Building on Stanton Street Listed for $10M
With photogenic ironworks and facade art, it’s easily one of the more unique buildings on the Lower East Side. Now, the groundbreaking former home of FusionArts is pitched on the open market, albeit as a joint-venture.
Czech-born Shalom Neuman, who allegedly coined the descriptor “fusion arts” and who founded the FusionArts Museum at 57 Stanton Street, put the L-shaped property up for sale. Thus concluding his tenure as owner, which dates back to 1984. Asking price is $10 million.
Evergreen Realty & Investments is pitching the property as a “redevelopment opportunity” via Craigslist. The sale would include the conjoined buildings of 57 Stanton and 217 Eldridge.
At 57 Stanton Street, there is an easy path to vacancy and air rights allow for the opportunity to build an additional two floors, providing maximum return on the investment. Further, a steady income stream from a long-term retail tenant at 217 Eldridge Street provides security to the investment while the Stanton Street property is being redeveloped. With an influx of tenants and business to the Lower East Side from the development of the Essex Street Crossing, this is a rare opportunity to purchase a redevelopment deal with significant upside before prices in the area skyrocket.
For the last couple years, the store at 57 Stanton had hosted the Flamingos Vintage Pound shop.