Massey Knakal Retained Exclusively To Sell Three Lower East Side Buildings
Massey Knakal Realty Services has been retained on an exclusive basis to sell three buildings at 57, 59-63, and 65-67 Orchard Street. The properties are located between Grand and Broome Streets on Manhattan’s Lower East Side. The asking price is $27,000,000.
These contiguous properties comprises two block-through buildings from Orchard to Allen Streets plus the architecturally significant corner building on the southwest corner of Orchard and Grand Streets, which was recently designated a landmark by the New York City Landmarks Preservation Commission. 59-63 and 65-67 Orchard Street are five-story loft style buildings, while 57 Orchard Street is a two-story commercial building. This unique location benefits from 320 feet of frontage on three streets, which are Allen, Grand, and Orchard. The combined footprint of all three lots is approximately 12,083 square feet.
The two five-story buildings are in a C6-2G zone, and the two-story building is in a C6-2 zone. Residential conversion in a G designation requires a special permit. The two-story building is outside of the G designation. The Residential FAR is 6.02 or 6.00 for commercial which equates to maximum buildable square footage of approximately 72,741 or 72,500 buildable square feet, respectively.
The buildings are fully occupied, however, the leases are either short term or carry six month cancellation clauses. The retail and commercial rents are below market and provide a significant amount of short term upside potential for an investor. The offering is also a tremendous opportunity to control over 320 feet of frontage on one of the best blocks in the Lower East Side.
For more information on this listing, contact Massey Knakal Director of Sales Mike DeCheser at 212.696.2500.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.