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355 Grand Street For Sale: $4.5 Million

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The retail/residential combo building at the southwest corner of Grand and Essex is on the market.

In Lower East Side real estate market news this week, we learn that 355 Grand St. (aka 51 Essex St.) has just been listed for sale at $4.5 million. Per the listing from ERG Property Advisors:

The building is 3,200 square feet and is located on a 1,173-square-foot lot. It has approximately 7,061 total buildable square feet. The three-story property is comprised of two retail stores, one 2-bedroom apartment and one 1-bedroom apartment with outdoor space.  … There is a high amount of daytime foot traffic outside of the property. The area is relatively quiet at night and ideal for residential development.

The building currently houses Flowers Cafe, a small eatery facing Grand Street, as well as Vic’s Pizza, facing Essex. It is owned by Fizzo Realty, a New Jersey company headed by Joseph Pizzo, who acquired it in 1976, according to city land records. The structure dates back to at least 1901, when the buildings department first recorded work done there.

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  1. We must add that 51 Essex is a contributing building in the National Register Lower East Side Historic District. According to their survey, this federal building dates to 1820. City records for early buildings are unreliable.

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