The Real Deal New York

Chinese Christian nonprofit asks $15M for 48 Allen Street

December 27, 2013 02:49PM

48-allen

Michael DeCheser and 48 Allen Street

Lower East Side-based nonprofit community center Chinese Christian Herald Crusades is looking to sell its building at 48 Allen Street for $15 million.

The 15,000-square-foot, six-story commercial site — also known as 49 Orchard Street — features a reading room, library, offices and a dining room. The upper floors hold guest rooms for as many as 50 visitors. Perhaps most enticingly to developers, the property also boasts 1,400 square feet of unused air rights. Massey Knakal Realty Services brokers Michael DeCheser, Darragh Clarke and Mei Ling Wong are handling the sale. Given the commercial zoning, the site could be converted into a hotel, the Lo-Down reported.

A staff member at the Chinese Christian Herald Crusades — which was formed in 1992 — said the group is looking for a smaller space in the neighborhood.

In August, DeCheser brokered the $27 million sale of the former Ridley Department Store on the Lower East Side, as previously reported. [Lo-Down]Mark Maurer

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