196 Orchard St. Rendering: Williams New York.
Another large-format chain store is about to open on the Lower East Side.
As EV Grieve first reported, discount retailer Marshalls will be making its debut at the end of September in Ben Shaoul’s high-end condo building at 196 Orchard St. (Houston Street). According to Marshalls website, the grand opening is scheduled for Sept. 27.
The 11 story building also includes an Equinox Health Club, which is supposed to be opening next Tuesday, Aug. 28. There are 94 apartments in this project, about a dozen of which are currently listed on StreetEasy at prices ranging from $1.5-6.5 million.
Marshalls is owned by the TJX Companies, which also owns T.J. Maxx. Unlike many other big retail brands, the stores have posted impressive sales gains in the past few quarters. As CNBC reported, “The company’s treasure-hunt style marketing technique, based on unpublicized but deep discounts on apparel and accessories, proved to be a hit with younger customers…”
The Lower East Side location will be the seventh Marshalls in New York City. Two mid-size Target stores recently opened – one on Grand Street and another on 14th Street, with more chain stores undoubtedly on the way.
Photo via Georgia’s Eastside BBQ’s Instagram.
Another popular local spot is calling it quits on the Lower East Side. Georgia’s Eastside BBQ, which opened by Alan Natkiel at 192 Orchard St. in 2007, has announced its closure. Here’s the Instagram post:
After 11 years in business, Georgia’s is closing its original location permanently after business this Sunday. Due to a variety of reasons, principally construction problems, we are shuttering and looking to reopen in future locations. We have already started construction on a new location in New England. I want to thank all my employees, both past and present, my family, and most of all— my customers. This restaurant and you will always be a big part of my life. Please come by for a bite or a drink. I’ll be here all weekend.
Georgia’s is located next door to the luxury condo building under construction at 196 Orchard St. The project has hit a number of surrounding businesses hard, as Natkiel pointed out not long ago:
Sales gallery at 180 Orchard St. Photos courtesy of Magnum Real Estate Group and Real Estate Equities Corp.
In the past couple of weeks, the luxury condo project at 196 Orchard St. finally popped out of the ground. After a long stretch beneath the surface of East Houston and Orchard streets, crews are starting to pick up the pace, with work progressing this week on the third floor of the 11 story building from Ben Shaoul’s Magnum Real Estate Group and Real Estate Equities Corp. Meanwhile, there’s an aggressive marketing push for the 94 condo units being offered at prices starting above $1 million.
The public relations team working with the developers recently sent along these photos of the showroom, located in one of the otherwise vacant retail spaces connected to the Hotel Indigo. We spoke with Leonard Steinberg of Compass, the real estate firm handling sales at 196 Orchard.
We, of course, asked how things are going so far (sales launched this past September), but Steinberg said the development team does not permit him to disclose the number of units sold and at what price. “We are,” he said, “very happy with the interest in our building. Prices have been very solid.” Steinberg said price-per-square foot has been close to $2,300.
Only a small number of the available apartments are listed on StreetEasy (10 units ranging in price from $1.1 million for a studio all the way up to $4.8 million for a 3-bedroom unit. Another 15 apartments are listed as “no longer available.”)
196 Orchard St., May 2017.
Steinberg said he’s confident excitement about the project will only build as, “the skeleton begins to take shape” on Orchard Street. Many of his prospective buyers are empty-nesters choosing to move back into the city after raising families in Westchester, New Jersey or Long Island. “They have an emotional or personal connection to the Lower East Side,” he noted. Reprising a line from a real estate panel held several months ago at the doomed Sunshine Cinema, Steinberg said, the neighborhood is, “probably as cool as Williamsburg but without the L Train.”
The location, right on the border of the Lower East Side and the East Village, is a major selling point for Compass. Another big draw is a 30,000 square foot Equinox Health Club that will be located in the building (residents will be able to access the club directly from their lobby). Then, of course, there’s the condo project’s next door neighbor, Katz’s Deli. “The food component is a big deal,” said Steinberg, explaining that many of the potential residents of 196 Orchard are drawn to both the old and new culinary destinations the neighborhood has to offer.
The building is expected to be completed in early 2018.
Rendering: Williams New York.
Sales launched this week at 196 Orchard St., Ben Shaoul’s luxury condo project next to Katz’s Deli. As Curbed pointed out yesterday, price listings in the 11 story building at the intersection of Orchard and East Houston streets are now available online. [Curbed has posted interior photos.]
There’s a 551 square foot studio on the fourth floor for $1,075,000. A 694 square foot one-bedroom unit is listed for $1,515,000. Or, if you you want to live large, you can snap up a 3-bed/3.5 bath apartment (measuring around 2,000 square feet) for about $5.6 million.
Shaoul paid about $75 million for several parcels on Orchard and East Houston streets. A number of local businesses, including the beloved Bereket restaurant, were forced to close or relocate as a result of the transactions. Shaoul’s Magnum Realty is developing the project along with Real Estate Equities Corp. There’s a 30,000 square foot Equinox health club in the building, as well as a rooftop “park.”
While most of our readers will likely find these prices pretty shocking, they are in line with other recent condo projects on the Lower East Side. Over at 150 Rivington St. (the former site of Streit’s Matzo Factory), prices range from just over $1 million for a small one-bedroom to $3.8 million for a 3-bedroom penthouse unit. [We’ll have more on 150 Rivington next week.]
The other night, brokers celebrated the sales launch of 196 Orchard St. with a shindig at Mr. Purple, the rooftop bar at the Hotel Indigo.
Rendering: Williams New York.
Luxury condos being developed by Ben Shaoul and Real Estate Equities Corp. at East Houston and Orchard streets will reportedly start just below $1 million. Here’s the story from the Real Deal:
Another developer is seeking to capitalize on demand for “affordable luxury” condos downtown. Prices at Ben Shaoul’s new Katz Deli-adjacent condominium, designed by Ismael Levya Architects, will start at just under $1 million for studio apartments and $1.23 million for one-bedroom units… With studio sizes starting at 555 square feet and one-bedroom homes starting at 655 square feet, that pegs the starting price per square foot above $1,800. The total blended price per square foot is likely to top $2,000 a foot, however.
The building at 196 Orchard St. will have 94 residential units and a 30,000 sq. ft. Equinox gym. Sales will be handled by Leonard Steinberg of Compass Real Estate. Shaoul paid about $75 million for several parcels on Orchard and East Houston streets. Several local businesses, including the beloved Bereket restaurant, were forced to close or relocate as a result of the transactions.
As the Real Deal noted, the “affordable luxury” market is all the rage on the Lower east Side. Apartments at 100 Norfolk St. and 50 Clinton St. were also priced in the $1-$3 million range, intended to snare affluent first-time buyers. The apartments are undersized but include luxury finishings and amenities meant to entice younger professionals. .