A six-story walk up building at 158 Rivington St. has been sold by Lower East Side property owner Shimon Avadi for $6,480,000. Massey Knakal Realty had been marketing the 7400 square foot property (with another 2,000 square feet of air rights) for $7.2 million.
The former bank building has served in recent years as the Manhattan retail store (the Rivington Club) of Alife, the sneaker and street wear brand. There are also nine apartments on the upper floors. Alife’s lease, according to Massey Knakal’s brochure, runs out in August of this year. The company was reportedly paying $10,000/month for two 600 square feet storefronts. In a press release, broker Michael DeCheser said, “Increasing demand continues to greatly exceed supply in all market segments of the Lower East Side. 158 Rivington is a rare commodity considering it is entirely free market and fully renovated. The price equates to approximately $944 per square foot, one of the highest sales in the neighborhood on a price per square foot basis.”
The buyer is listed as “112 Fulton LLC.” The mailing address for the company matches up with the Lam Group, a prolific developer of budget hotels. The building is right next door to Lower East Side arts institution ABC No Rio, which is planning to construct a new headquarters at 156 Rivington.