Orchard Street grows into retail, residential mecca

New York /
Aug.August 17, 2013 12:00 PM

Orchard Street on the border of Chinatown and the Lower East Side has seen something of a rebirth of late, the Wall Street Journal reported.

The three-block stretch of Orchard Street between Grand and Division streets is now seeing an influx of interest from such tenants as small business owners needing storefronts to restaurants and art galleries, as well as some property and development deals. Even big developers are looking to take advantage of this previously-ignored section of town.

Prior to this influx of activity, the area housed only garment shops.

So far, projects include a boutique hotel under construction, two properties being turned into residential and retail spaces and the opening of two new art galleries and a men’s tie shop. Owners are also looking for tenants for five ground-floor retail spaces and three large mixed-use buildings up for sale.

In addition, in July developers Waterbridge Capital and the Jangana family together bought three properties at 57-63 Orchard Street for $27 million, with plans to convert them into luxury condominiums and boutiques.

The largest construction project in the area is the conversion of the old Jarmulowsky Bank, a landmark building on the corner of Orchard and Canal, into a hotel. [WSJ] – James Comtois


Related Articles

arrow_forward_ios
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)
For 15 years, David Koch lived at the world’s “richest building”
For 15 years, David Koch lived at the world’s “richest building”
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Here are the week’s top luxury sales
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Manhattan job losses in Q3 worst of any large county in the US
Manhattan job losses in Q3 worst of any large county in the US
Heritage Equity Partners' Toby Moskovits and the Williamsburg Hotel at 96 Wythe Avenue (Moskovits via Sasha Maslov; Hotel via Williamsburg Hotel)
Toby Moskovits’ Williamsburg Hotel enters bankruptcy
Toby Moskovits’ Williamsburg Hotel enters bankruptcy
Extell president Gary Barnett, 510 East 14th Street and RXR Realty CEO Scott Rechler (Getty, EVGB)
Extell sells stake in Manhattan rentals to RXR Realty
Extell sells stake in Manhattan rentals to RXR Realty
Kohl's investors have a list of changes they want implemented. (Getty)
Activist investors urge Kohl’s to cut real estate, inventory
Activist investors urge Kohl’s to cut real estate, inventory
The newest plan for the New York Wheel is 210 feet shorter than the 2018 plans. (Cosentini Associates, Getty)
Honey, I shrunk the Wheel: Smaller ride planned for Staten Island
Honey, I shrunk the Wheel: Smaller ride planned for Staten Island
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...