Last Low-Rise Buildings Along Delancey Street Will Likely Be Razed for Condos

Posted On Fri, January 16, 2015 By

Posted On Fri, January 16, 2015 By In condos, Lower East Side, New Developments

It looks like the home of Get Set, Happy Wok, Taj Gold, and Sneaktip will soon be no more. Bowery Boogie reports that Ashkenazy Investments, the owner of the commercial stretch, has just listed their site at 156-164 Delancey Street for $7.5 million. Ashkenazy purchased the property two years ago simply leasing the units out, but as one would expect, they’ve just been waiting for the right moment to make a flip. With this week’s reveal of the SHoP/Handel Architects/Beyer Blinder Belle/Dattner Architects-designed mega-development Essex Crossing just across the street, the timing couldn’t be better.

156-164 Delancey Street 2014

The listing, which is being exclusively marketed through Massey Knakal, comes with the right to construct up to approximately 14,715 square feet as-of-right or approximately 19,620 square feet through utilization of the optional Inclusionary Housing Bonus. Zoning also allows for a building of up to 12 stories to be built. The purchase does however come with a catch: The buyer of the property would be required to demolish the existing structure and erect a new building with “one floor of double height retail” that would be delivered back to ownership.

A rendering of the condo/rental that could rise in the space can be seen above—although we hope that new development will spur something far more inspiring. For now, those looking to live right off the noisy exit of the Williamsburg Bridge should keep their eyes peeled.

[Via Bowery Boogie]


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Neighborhoods : Lower East Side



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