101 Delancey St. Sells For $17.3 Million; $10 million Over 2012 Price

101 Delancey St.

101 Delancey St.
101 Delancey St.

The resale of 101 Delancey St., a six floor mixed-use building at Ludlow Street, is now popping up in city finance department records. On July 29, Commercial Observer first reported the transaction of $17.3 million by Silvershore Properties. The purchaser is referred to only as “101 Delancey Realty LLC,” an entity that was established in February of this year.

Silvershore Properties made a tidy profit from the sale. In 2012, it picked up the building for $7 million. Last summer, 101 Delancey was listed for $20.5 million, a price that seemed optimistic. The owners pulled the listing in December and, according to Commercial Observer, made an “off-market deal” last month.

Last year, Silvershore Properties reported that it had renovated 12 of the building’s 20 apartments.  At that time, 14 apartments were market-rate, five rent stabilized and one rent controlled.

The commercial spaces had all been vacated in the past couple of years. As they prepared to flip the building, co-owners Jason Silverstein and David Shorenstein touted its proximity to Essex Crossing, the large redevelopment project scheduled to break ground next spring on nine parcels alongside the Williamsburg Bridge. Silverstein explained following the resale, “It made sense for us to either lease up the vacant retail or give someone else an opportunity to capitalize off of the new Seward Park neighborhood renewal project.”

Andrew Goldberg and Preston Cannon of CBRE are now in charge of leasing the retail spaces, including a prime spot at the corner of Ludlow and Delancey streets. As for the residential units, there are currently four active rental listings. A 3-bedroom unit with one bath and a new kitchen is available for $4400/month.

101 delancey retail