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For Sale: 174 Delancey St., at $8 Million

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There’s no question that the impending Seward Park redevelopment project is lighting a fire under the Lower East Side’s commercial real estate market. In the latest example, 174 Delancey St. hit the market yesterday to the tune of a cool $7,995,000. 

The two retail spaces on the ground floor of 174 Delancey St. have been gut-renovated.
The two retail spaces on the ground floor of 174 Delancey St. have been gut-renovated.

The property, which includes 22 studio apartments and two 700-square-foot ground-floor retail spaces that have just been redone in glass and steel, sits on the northern side of Delancey Street at the very edge of the Williamsburg Bridge entrance, across the street from the giant urban redevelopment project the city is undertaking on the south side of Delancey. There are two buildings, one facing Delancey and the other in the rear of the lot, across a shared courtyard. In all, the property totals 10,000 square feet, with more than 5,400 square feet of air rights.

An article in the industry publication Multi Housing News, Platinum Properties broker Daniel Boufford touted the Seward Park project:

Besides the air rights—which might fetch as much as $1 million—he posits that the surrounding Lower East Side new construction projects will, over time, help drive up the value per square foot for the building’s residential and retail spaces.

Owner Adam Daniels, of A.D. Real Estate Investors, acquired the building in March 2011 for $2.5 million, according to city land records.

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  1. Wishful thinking. More likely everyone wants to get out before the construction nightmare starts and this houseing development drives prices down.

  2. I grew up on the Lower East Side. I am a life time resident. Born and raised LES 46 years. It’s a shame what has happened over the last few years those buildings that now have priced out the poor and all the artist that lived In the LES were considered slums and still are slums.They are now so rediculously priced that it boggles my mind as to why the hipsters and the elitist that have moved in pay those rents. A few years ago you could have moved into any one of the buildings for 3 or 400 a month. Today you can’t even get an apartment for 3k per month and they’re still the same slums they were a few years ago. I guess Forest was right stupid is as stupid does.Good thing for rent control 3 bedrooms 2 bath and all my kids are grown and gone and I pay 1/3 the rent that a studio in the same building pays. LES for life………..

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