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Value-Add LES Duo Comes to Market After Nine Decades
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Two contiguous, block-through, mixed-use buildings on the Lower East Side have come to market for the first time in nine decades. Meridian Investment Sales’ David Schechtman and Jason Goldy are representing the seller of 159-161 Orchard St., also known as 164-166 Allen St.
Located between Stanton and Rivington streets, the five-story buildings collectively span 22,734 square feet and contain 22 apartments, seven retail spaces and two second-floor commercial spaces. The properties’ prime retail is currently leased at nearly 45% below market value, while the buildings’ rent-stabilized apartments are leased at nearly 80 percent below market value.
“The deal presents investors with a unique opportunity to acquire these prime block-through mixed-use buildings in the Lower East Side for the first time in 90 years,” said Goldy. “The assets’ in-place retail and residential income is significantly below market, presenting a true value-add opportunity.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
