LES blog Bowery Boogie uncovers some commercial real estate news that has far-reaching consequences for all fans of the low-lying Lower East Side. The boarded-up block of low-end retail stores at 148-154 Delancey Street, between Suffolk and Clinton at the base of the Williamsburg Bridge, has been sold to hotel megadeveloper Sam Chang's McSam Hotel Group. The sale price, via CREFeed, was $15.75 million, exactly one million bucks below the asking price. Perhaps the impending LES rezoning damaged the value a bit, but the property can still be built-up to about 48,000 square feet. Are BLUE and the bridge getting a new budget hotel neighbor? We are slightly afraid to find out. A stop work order was slapped on the property in April for demolition without a permit.
· Manhattan development site draws $15.75 million [CREFeed via Bowery Boogie]
· All Curbed Sam Chang coverage [Curbed]
UPDATE: The Real Deal reported earlier this month that Chang has already filed for a permit to build a six-story hotel on the site. At least it's short.