The Real Deal New York

Old Ridley store sells for $27M to condo developer

August 06, 2013 11:00AM
By Katherine Clarke

Michael DeCheser and the Orchard Street store

Michael DeCheser and the Orchard Street store at Orchard and Grand streets on the LES

A developer known for converting old buildings into condominiums has paid $27 million for the former Ridley Department Store on the Lower East Side, according to public records filed with the city today.

Orchard Street Equities, LLC, listed on public records as in the care of developer Jackie Jangana’s Great Neck-based company Continental Worsteds, closed on the Orchard Street deal on July 22; Continental’s projects include the condo conversion of Tribeca’s 46 Lispenard Street, which sold out last year.

Joel Schreiber’s Waterbridge Capital is a partner on the deal.

The Ridley store is part of a package of buildings including 57 Orchard Street, 59-63 Orchard Street and 319 Grand Street, which comprise 320 feet of retail frontage in the neighborhood. It had been listed for sale by Massey Knakal Realty Services’ Michael DeCheser, Darragh Clarke and Mei Ling Wong; the team was not immediately available for comment.

A Continental spokesperson told The Real Deal that he was not familiar with the buildings and declined to pass along the request for comment .

The previous owner is Byron Goldman of Morris Goldman Real Estate, who described his decision to sell the property as a “personal matter.” The company had owned the property for several decades.

The properties comprising the portfolio fall under different zoning designations, according to the Massey Knakal listing. At 57 Orchard Street, the zoning allows for a building of approximately 73,000 square feet; at 59 Orchard Street and 319 Grand Street, a developer would need a special permit for residential conversion.

The buildings are all fully occupied, but all leases are short-term or subject to six-month cancellation clauses.

On Lispenard Street, an LLC in the care of Continental Worsteds converted an old cast iron property into an 11-unit condominium last year, including five half-floor units and a triplex four-bedroom, four-bathroom penthouse. The project was marketed by Fredrik Eklund and John Gomes of Douglas Elliman.

Eklund did not immediately respond to a request for comment on whether he is involved with the Orchard Street deal.

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