Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, is pleased to present exclusively for the first time in 90 years the sale of 159-161 Orchard Street, also known as 164-166 Allen Street, two contiguous, block-through, mixed-use buildings in the Lower East Side neighborhood of Manhattan. Senior Executive Managing Director, David Schechtman, and Vice President, Jason Goldy, are representing the seller in this transaction.
Located between Stanton and Rivington Streets in the heart of the Lower East Side, the five-story buildings collectively span 22,734 square feet and contain 22 apartments, seven retail spaces, and two second floor commercial spaces. The properties are owned by the same families without interruption and benefit from prime retail with 61 feet of frontage along both Orchard and Allen Streets, which is currently leased at nearly 45 percent below market value, while the buildings’ rent-stabilized apartments are leased at nearly 80 percent below market value. Investors have a unique value-add opportunity to immediately reposition the retail and residential units and maximize revenue.
“The deal presents investors with a unique opportunity to acquire these prime block-through mixed-use buildings in the Lower East Side for the first time in 90 years. The assets’ in-place retail and residential income is significantly below market, presenting a true value-add opportunity,” said Mr. Goldy.
The Lower East Side is a one-of-a-kind neighborhood bounded by the East River to the east, Bowery to the West, Canal Street to the south and Houston Street to the north. The area features a unique combination of art, character, and historical landmarks that continue to elicit unparalleled residential demand. 159-161 Orchard Street is located in the heart of the neighborhood, less than two blocks from both the Houston and Delancey Street corridors. Residents benefit from immediate access to the Sara D. Roosevelt Park, in addition to world-renowned attractions such as the Tenement Museum, Upright Citizens Brigade Theater, and numerous art galleries. The properties are also easily accessible via the F and M subway lines and via the Williamsburg Bridge, which is also within walking distance.