One hell of a real estate juggernaut is now up for grabs on the Lower East Side. The unique pink tenement building occupying 57-67 Orchard Street in BelDel is available for purchase. Cost: $25 million (down from $34 million, per the listing). The property is being advertised as an investment-slash-development site with frontage on three main streets—Orchard, Grand, and Allen—and the ability for subterranean parking. A developer's wet dream? Let's not go there. But sort of.
What isn't mentioned in the listing, however, is any probable displacement from the forthcoming sale. Based on the brokerbabble, the situation doesn't bode well for residential and commercial tenants: "The property is fully occupied, and the leases are either short term or they contain 180-day cancellation clauses...These rents are less than 50% of market value, therefore there is tremendous upside for an investor." Barricades, riots, etc. to follow. —Bowie Boogie
· Listing: 57-67 Orchard Street [Massey Knakal]