Massey Knakal has arranged the sale of a mixed-use building and home to The Backroom Bar and Saro Bistro on the Lower East Side at 102 Norfolk Street for $11 million, Commercial Observer has learned.
The six-story building, located between Delancey and Rivington Streets, contains approximately 16,000 square feet, with 25 apartments on the upper floors atop the bar/restaurants, 21 of which are rent stabilized (and four free market). The sale price equates to approximately$688 per square foot.
The building is also located across the street from the Seward Park Urban Renewal Area, now called Essex Crossing.
“This property couldn’t have been positioned better to take advantage of the buzz of the Essex Crossing project,” said Massey Knakal’s Michael DeCheser, who exclusively handled this transaction.
Community Board 3 recently approved the city’s land use application for a 1.65 million square foot mixed-use project at Essex Crossing, which would bring approximately 900,000 square feet of new apartments and 600,000 square feet of commercial space to the Lower East Side.
The property is two blocks from the Delancey Street-Essex Street subway stop, serviced by the F, J, M, and Z trains. The family of the seller, Jeff Harmatz of East Side Management Enterprises, has a long history in the area.
“After working to maximize the value of the property, it was time to sell,” Mr. Harmatz said in a statement. “This was a great opportunity to continue to grow our portfolio of new development projects.”