New LES condo to rise, but not more than 120 feet

A new condominium will rise on the Lower East Side, Crain’s reported. A building at 100 Norfolk Street, between Rivington and Delancey streets, was recently purchased for $8.8 million in cash, Michael DeCheser, director of sales at Massey Knakal Realty Services, told Crain’s.

Brooklyn-based Urban-Scape nabbed the property, which was a bit of a tough sell, according to Crain’s, following a 2008 rezoning that limits buildings to 120 feet.

The Blue Building, a condo building that opened in 2008 and will be this new development’s neighbor, at 105 Norfolk Street, was built just before the rezoning went into effect, as The Real Deal has previously reported.

The site had been on the market two years, Crain’s said, during which deals for various types of development on the site fell through. [Crain’s]