180 Orchard Street, this afternoon.
It’s demo day at 180 Orchard Street, one of the neighborhood’s most infamous construction sites. The heavy machinery is making quick word of the two story shell of a building. The structure is being taken down so crews can begin building a 26-story, 250 room Hotel Indigo.
It’s been a long haul for residents and local businesses on Orchard Street, who have had to put up with this eyesore since the bottom fell out of the real estate market several years ago. In 2011, Brack Capital bought the property for $46 million from developer Morris Platt. As we reported in November, this project is part of a huge hotel building boom on the Lower East Side. Just based on already-announced projects, the hotel room inventory is expected to triple to more than 1600 rooms in the next couple of years.
Click through for more photos, plus a rendering of the new Orchard Street hotel.
This afternoon Sugar Cafe, 200 Allen Street (East Houston) was shut down by the New York City Health Department. The restaurant was pretty much cleared out when we walked by a few moments ago.
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.
Norfolk Street at East Houston.
A few rain showers this morning, then cloudy and windy for the rest of the day. Look for a high of 52.
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