Massey Knakal Retained Exclusively To Sell User / Conversion Opportunity Located In Chinatown / Lower East Side
Massey Knakal Realty Services has been retained on an exclusive basis to sell a commercial building at 48 Allen Street(aka 49 Orchard Street). The property is located block through from Allen Street to Orchard Street, between Grand and Hester Streets, in Manhattan’s Chinatown / Lower East Side neighborhood. The asking price is $15,000,000.
The six-story elevator building contains approximately 15,334 gross square feet which includes a 2,200 square foot usable lower level, and sits on a 25.25’ x 88.83’ lot. The lower level contains offices and restrooms and floors one through six consist of offices, an assembly area, a library, reading room, living quarters, dining rooms, restrooms, and living rooms. The living quarters on the upper floor serve as guest rooms for visiting members and provide lodging for up to 50 people. The building will be delivered vacant and is ideal for an end user interested in occupying all or a portion of the building. Located in a C6-2 zone, commercial use such as a hotel would be permitted. Alternatively, the building could be converted to residential use such as rental or condominium units.
“Considering the subject will be delivered vacant, we anticipate a significant amount of interest from user groups or developers looking to convert the building to residential or a hotel. It’s incredibly rare to find large, vacant, block-through buildings such as 48 Allen Street,” said Massey Knakal’s Michael DeCheser, who is exclusively marketing this property.
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.