126-130 Delancey Street Sold For $21 Million

126-130 Delancey Street.

126-130 Delancey Street, the three story commercial building at Norfolk Street, has been sold for $21 million.  The seller was Angelo Cosentini, better known as the developer of the Blue Building, located just to the north.  The Real Deal reports that the new owner is Carter Management, a real estate firm with holding throughout Manhattan.

Massey Knakal had been marketing the building for $22.7 million.  The 22,875 square foot property is fully leased. Payless Shoe Source and the Children’s Place are on the ground floor.  The Comprehensive Companies, including the Comprehensive Kids School, has nearly 16,000 square feet spread over three floors.  The retail tenants are paying around $100/square foot. Comprehensive pays below-market rent, $43/square foot. All of the leases expire in the year 2021.

The brochure from Massey Knakal highlights the fact that the proerty is right across the street from the Seward Park redevelopment site. The city recently invited developers to bid on the 1.6 million square foot residential and commercial project.

The building is zoned C6-2A, which includes a 180 foot height cap (around 18 stories), but the air rights have already been sold.