75 Orchard Street & 81 Orchard Street Sold For $26 Million
Two Orchard Street buildings are part of a $158 million real estate transaction just completed. According to the Real Deal, the Dermot Company sold ten buildings in it portfolio to the Parkoff Organization. Among the properties changing hands: 75 Orchard Street and 81 Orchard Street, two six-story buildings, each with 30 apartments and four retail spaces. Parkoff paid $26 million for the LES holdings.
Parkoff, based in Great Neck, declined to comment when contacted by the Real Deal other than to say the buildings were bought for “investment purposes.”
The buildings are located on Orchard between Broome and Grand streets. Although this particular block has seen a big influx of restaurants and boutiques in the past decade, a number of retail establishments have shuttered in recent years. Kai D called it quits at 75 Orchard in 2009.