Misrahi Sells Shuttered Tenement, 11 Essex St., For $11 million
Lower East Side broker/property owner Sion Misrahi has finally unloaded a decaying tenement that was embroiled in controversy several years ago.
Public records show that 11 Essex St., located between Canal and Hester streets, recently changed hands for $11.4 million. As The Real Deal noted, the new owner was not identified. The property is now associated with a firm known as “11 Essex Street Realty, LLC,” with a mailing address on East 38th St.
In sales literature, Misrahi indicated that the six story building currently includes 20 1-bedroom units and two 2-bedroom apartments, plus two ground floor commercial spaces. The lot can be built up to 14,222 square feet if a community facility is designated within the project. The listing added, “Building is NYC beach front property facing Seward Park allowing you to charge max price for a rental, condo, or hotel.”
Back in 2009, the Department of Buildings declared the property unstable and ordered tenants (most of them rent stabilized) out of their apartments. The building had been damaged during construction of a neighboring condo project. The tenants and local housing advocates battled Misrahi for a number of years, with the local advocacy organization, Asian Americans for Equality, providing legal representation.
A full vacate order remains in place.