The Real Deal New York

Eastern Dispensary owner yanks property off market

Shalom Eisner rethinks possible landmarking of 75 Essex

March 07, 2014 02:35PM

75 Essex Street

75 Essex Street

The former Eastern Dispensary building at 75 Essex Street on the Lower East Side, most recently up for grabs with an ask of $21 million, has been pulled from the market as the owner mulls developing the property himself.

Owner Shalom Eisner, who has long opposed attempts to landmark the building, told the landmarks subcommittee of Community Board 3 Thursday night that he would withdraw his opposition to landmarking the spot if certain conditions are met.

The property sits adjacent to the Essex Crossing development project, which is scheduled to break ground in the spring of 2015. And while there were discussions several months ago about the developer possibly purchasing 75 Essex, a team spokesperson told the Lo Down the idea has since been dropped as they “did not see a way forward with the parameters the owner was seeking.”

The building comes with more than 17,000 square feet of air rights, but transferring them may not be feasiable because the neighboring Essex Crossing project must stick to strict restrictions, according to the Lo-Down. Eisner told the community board gathering that he is in talks with several potential partners to construct a building on top of 75 Essex. [Lo-Down]Julie Strickland

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