The Real Deal New York

Chinese-American investors want to offload LES site for $36M

Plans have been approved for a 69-unit condo tower
July 10, 2015 08:00AM

A long-stalled condo development site on the Lower East Side’s Delancey Street hit the market asking $35.5 million after a group of Chinese-American investors failed to get it off the ground.

The lot sits at 208-210 Delancey Street, and the owners had received approval for a 69-unit condo tower designed by Michael Kang, according to Bowery Boogie. Construction got underway several years ago, but has been frozen since last summer.

The investor group picked up the property for $8.5 million in 2011.

Keller Williams is marketing the site. According to the brokers’ literature, the planned building would rise 12 stories and include 60,000 square feet of residential space, plus 8,300 for a community facility. [Bowery Boogie] — Tess Hofmann