339 Grand Street

New York, NY

For Sale

$5,500,000

OVERVIEW

LOCATION:
339 Grand Street, New York, NY 10002

Neighborhood: Lower East Side

Asset Type: Mixed Use

Square Feet: 4,200

Stories: 3.5

 

Description

Besen & Associates and Grand Success Realty, as co-exclusive agents for Ownership, are pleased to offer for sale 339 Grand Street, New York, NY 10002 (the “Property”) aka 57 Ludlow Street; a landmarked building located on the southwest corner of Grand and Ludlow Streets in the Lower East Side/Chinatown neighborhood of Manhattan.

 

Built in the early 1830’s, this 3½ story corner commercial building with 4,200± SF above-grade plus basement will be delivered vacant at closing. Additionally, there are 4,200± SF of unused air rights that may have transfer potential.

 

The 339 Grand Street House was one of five Federal style row houses built by John Jacob Astor circa 1831-33 on property he purchased from William Laight in 1806. Astor, at the time of his death in 1848, was the wealthiest man in America; his wealth, originally accumulated in the fur and China trades, was largely concentrated in New York City real estate after 1834. Early tenants of the house included several dry goods merchants. The five Grand Street houses were devised by a codicil to Astor’s will to six of his grandchildren by his daughter Dorothea Astor Langdon. A partition deed in 1855 provided for the 339 Grand Street House to be allocated to his granddaughter Cecilia Langdon de Nottbeck. A full-lot rear yard addition fronting on Ludlow Street was built circa 1855.  There has been a storefront at the ground floor of the Grand Street facade since at least 1884. The house remained in the de Nottbeck family until 1950. The 339 Grand Street House is a remarkable, rare surviving example of the Federal style house in Manhattan. Its design is characteristic of the Federal style and the house retains a significant amount of its original architectural fabric, including its original form and materials, three-and-a-half-story height and 17½ foot width, and front facade with Flemish bond brickwork, high peaked roof and dormer. The early rear yard addition also retains significant amount of its original architectural fabric, including its three-story height, flat roof, stone lintels and sills, and cornice. Of the five Federal style row houses built on Grand Street by John Jacob Astor, the 339 Grand Street House is the only one that is largely intact.

 

The LES is rich with history and for most of the 20th Century, the LES was the first stop for immigrants looking for affordable accommodations in tenements.  Over the past 20 years, the neighborhood has seen widespread gentrification, with new rental and condo developments, hip bars and restaurants, chic hotels, independent boutiques and art galleries.  Part of the LES charm and attraction has been its ability to maintain its “edge,” and hang on to its vibrant past with its old-school eateries, retro businesses, and preserved public spaces. As the LES continues to develop, 339 Grand Street is a rare opportunity to renovate a landmarked corner building and bring it back to its former glory.

 

Nearby Transportation

The Property is conveniently situated near the Delancey–Essex Streets Station on the [F, J, M, & Z] trains & the Grand Street Station on the [B, D] trains, and steps from the Essex Crossing “megaproject”, a 1.9-million-square-foot mixed-use development anchored by 1,000+ residential units and 400,000± square feet of office space.