Orchard Street grows into retail, residential mecca

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

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”

Here are the week’s top luxury sales

Here are the week’s top luxury sales

133-25 37th Avenue in Flushing

Developer Gary Tsan buys Flushing property for $60M

Bed Bath & Beyond CEO Mark Tritton (Credit: Getty Images, Mike Mozart via Flickr)

Bed Bath & Beyond to invest $1B in store upgrades and buybacks

Linda Ellerbee and 17 St. Luke’s Place

Famed journalist and singer unload their New York City homes

From left: The Row Hotel at 700 8th Avenue, the Williamsburg Hotel at 96 Wythe Avenue, the Selina Hotel at 516-518 West 27th Street and 20 Times Square (Credit: Google Maps, Sumaida + Khurana, PBDW)

More NYC hotel loans are defaulting as room rates fall

166 E. 81st St. (Credit: Google Maps, iStock)

UES townhouse once described as “infested with vermin” goes into contract