The bankrupt and completely vacant 55 Chrystie St. on the Lower East Side is appealing to investors.
Appointed by the bankruptcy court, Greg Corbin of Rosewood Realty says many of those kicking this commercial building’s bricks currently own just multifamily apartments and want to “get out.”
“They say they can’t operate under the new rent laws and want to invest in other types of assets,” Corbin says.
The 46,350-square-foot building between Canal and Hester streets has a roof deck and patio with grand views of Manhattan and Brooklyn. There are also vaulted ceilings and original beams that are appealing to television shows that have asked to lease space for short video and photo shoots.
The six-story building has 75 feet of frontage with two storefronts and some air rights. It was being fixed up and turned from a mishmash of older, low-rent tenants to higher-rent creative tenants when, after spending roughly $1.9 million on the lobby, common areas, loft and office spaces, the current owner ran out of funds.
Corbin says they are seeking an outright sale, a stalking-horse bidder for auction, or a joint-venture partner. “The owner wasn’t going to get creative tenants if the older tenants were still there,” Corbin explained. “It just took longer to get everyone out.”