221 East Broadway: Bodega Moves, Coffee Shop Planned, and…

221 East Broadway. Photo by Chris Gage.

Thanks to Lo-Down reader Chris Gage for this photo and the following tip, “the deli on the corner of Clinton Street. and East Broadway has moved around the corner, to Clinton (between East Broadway and Henry Street). When I asked the man behind the counter, he said “Rent was too high.” It was speculated that a restaurant was going in the old space.”

We don’t know about any restaurant going in here, but there are some other interesting happenings to report about 221 East Broadway. For awhile now, we’ve been hearing about a new gourmet coffee shop going into a smaller space in this building. It’s called Dora, and will be run by the Slaven family, who owns 221 East Broadway.  A web site has been set up, promising Dora will be “dedicated to coffee” and will open in the fall of 2010. There’s even a vintage photo (the Slaven family has roots on the Lower East Side):

Last spring, Cignature Realty put out a press release saying it had become the exclusive broker for the building. The asking price was $9.75 million.  221 East Broadway includes 21 apartments and six retail stores (including the subterranean Ramiken Crucible Gallery).  Cignature President Peter Vanderpool was quoted as saying, ““Its location at the southeast corner of Clinton Street and East Broadway in the heart of Manhattan’s trendy Lower East Side makes the retail component of the property particularly attractive.”

And then there was this: “Vanderpool says the building has great upside potential, noting that “the average rent per apartment is $1,378 monthly but several renovated units are renting for as much as $4,650 per month.”   An early listing (from 2008) added a few more details:

“Tenancies include 20 RS (rent stabilized) apartments, 3 RC (rent controlled) tenants, 1 super’ s apartment and 2 vacant apartments. Many more vacancies are expected… The property has great potential for increase in the rents as the average of the rent stabilized/controlled apartments are $11.62/SF while free market apartments can rent for $45/SF or more.  There are also two vacant store spaces that can add considerable value to the property. The boiler uses #2 oil and has a 4000 gallon tank. This could be a great value opportunity and a stable income provider to an investor’ s portfolio.”

A cursory check of the Department of Buildings web site makes it fairly clear the owner is doing a lot of work on the apartments at 221 East Broadway. City records also indicate David Slaven, president of Red Brick Properties, may have recently refinanced 221 East Broadway.

In the DOB system,  there’s an application to “replace existing storefronts and security gates” and to create new signage.  There’s also a  request to “install new wood counters, new vinyl tiles, new partition, plastering and painting…”

Incidentally, the building is right next door to the former home of the Young Israel Synagogue, which we’ve reported so much about recently.  Whatever the Slaven family’s plans for 221 East Broadway, they are no doubt watching to see what the congregation and its development partners choose to build on the empty lot.