53 investors pool together for LES development site
A large group of Chinese-American investors paid $8.48 million for a plot of land at the corner of Pitt and Delancey streets on the Lower East Side, the Lo-Down reported, and plans to build a 12-story condominium.
The 53 investors each plunked down $160,000 under a corporation called Delancey Bridge Tower, Inc. for a 128-by-100 foot plot of land currently occupied by an automobile repair shop at 210 Delancey Street and a surrounding parking area. The lot was assembled by the owners of the automobile repair shop, which bought out its landlord in 1979, and then bought the surrounding land in three separate transactions for a total of $254,500 between 1983 and 1999.
The repair shop is owned by Tony Marano, and even though his son, Anthony Marano is a principal at development company Ozymandius Realty, which has developed several projects in the Lower East Side, the family decided to sell the land. “The real estate’s just too valuable, and we were not in a position right now to fully develop the property ourselves,” said Anthony, who cited a lack of available financing for a potential project of his own and the cash offer as good reasons to sell. [The Lo-Down]