Hogg Holdings, which has been increasingly active on the Lower East Side, just picked up this six-story building at 48 Allen St. (near Hester Street) for $11.4 million. The transaction was first reported by the Real Deal.
The 12,438 square foot property is also known as 49 Orchard St. The building was previously owned by Chinese Christian Herald Crusades. Brokers first listed it in 2013 for $15 million. The listing from Cushman & Wakefield (formerly Massey Knakal) stated, “…we anticipate a significant amount of interest from user groups or developers looking to convert the building to residential or a hotel.” The property includes around 1400 square feet of unused development rights.
Hogg Holdings is currently developing 287 East Houston St., a 28-unit luxury condo project. The firm is also renovating an existing building at 168 Suffolk St., which will include nine apartments and new retail.
Incidentally, the building is included in the National Register’s Lower East Side Historic District. This is what the designation report noted: “1899 Schneider & Herter, Six-story, brick loft building with brick and stone trim. One-story, non-historic addition, facing on Allen Street.” The inclusion in this historic district does not protect the building from demolition. Thanks to Friends of the Lower East Side for this piece of information.