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Successful Sale of 150, 152 - 154 Delancey Street in the Lower East Side, Manhattan
Bob Knakal successfully arranged the sale of 150, 152 - 154 Delancey Street, a prime hotel development site located in the dynamic Lower East Side of Manhattan.
Situated at the intersection of Delancey and Suffolk Streets, the sale underscores the neighborhood’s ongoing transformation and appeal for large-scale hospitality investment.
This off-market transaction, closed on July 21, 2008, involved high-net-worth sellers Gregory Manocherian and Haim Yehezkel, and was acquired by the McSam Hotel Group, led by prolific hotel developer Sam Chang.
Key attributes of this site included a large development footprint and excellent street visibility—an ideal formula for hotel construction in a high-traffic corridor near the Williamsburg Bridge.
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Sale Details
The site traded for $12,750,000, reflecting a price of $267.26 per buildable square foot.
With nearly 48,000 buildable square feet across two contiguous lots, the transaction marked a strategic acquisition in one of Manhattan’s most heavily trafficked neighborhoods.
- Sale Price: $12,750,000
- Price per Buildable SF: $267.26
- Buyer: McSam Hotel Group (Sam Chang)
- Sellers: Gregory Manocherian (150 Delancey LLC) and Haim Yehezkel (Delancey Properties Inc.)
- Seller Type: High-Net-Worth Investors
- Sale Date: July 21, 2008
- Asset Class: Development – Hotel
- Property Size: 47,706 Buildable Square Feet
Property Details
Located mid-block on Delancey Street between Suffolk and Clinton Streets, the assemblage includes two properties: a 2-story commercial building at 150 Delancey Street (22 ft x 75 ft) and a single-story structure at 152-154 Delancey Street (47 ft x 75 ft). These sites offered significant frontage and development potential.
- Full Address: 150, 152 - 154 Delancey Street, New York, NY 10002
- Block / Lot: 348 / 36 and 34
- Zoning: Not disclosed, but likely commercial or mixed-use (hotel permissible)
- Lot Dimensions: Combined 69 ft x 75 ft
- Stories: 1 and 2 stories (existing structures)
- Total Buildable Square Feet: 47,706
- Buildings on Site: 2
- Neighborhood: Lower East Side
Investment Highlights:
- Premier development opportunity on Delancey Street
- Nearly 70 feet of frontage near Williamsburg Bridge approach
- Prime hotel or mixed-use potential with significant BSF
- High visibility and foot traffic along a major Lower Manhattan artery
Market Strategy and Positioning
At the time of sale, Manhattan’s hotel development sector was rapidly expanding, especially in underserved submarkets like the Lower East Side.
This deal exemplified the strategic shift in hospitality investment to outer-core Manhattan neighborhoods.
Bob Knakal’s marketing strategy focused on the property’s frontage, traffic counts, and ease of development, targeting experienced hotel developers seeking scalable footprints.
By identifying a buyer whose portfolio aligned with the site’s configuration and zoning potential, Bob was able to secure full asking price for the sellers.
Neighborhood Overview
The Lower East Side is one of Manhattan’s most culturally rich and evolving neighborhoods. Once a gritty manufacturing and tenement zone, it has emerged as a trendy hub for boutique hotels, nightlife, and creative spaces.
Nearby attractions and landmarks include:
- The Essex Crossing development and Market Line food hall
- Delancey-Essex Subway Station (F, M, J, Z lines)
- The Williamsburg Bridge pedestrian and vehicle access
- A growing collection of art galleries, rooftop bars, and nightlife venues
Key Highlights:
- High foot traffic and transit access
- Surging hotel and residential development
- Cultural and culinary landmarks
- Close proximity to SoHo and East Village
Conclusion
The $12.75 million sale of 150, 152 - 154 Delancey Street is a case study in smart positioning, timing, and execution. With its generous buildable square footage, key frontage, and strategic location at a major gateway to Brooklyn, the site was a natural fit for a hospitality redevelopment.
Bob Knakal’s market expertise and deep network of buyers made this sale possible, yielding a premium outcome for the sellers in a rising development corridor.
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Frequently Asked Questions
Q1: What type of property was sold at 150, 152 - 154 Delancey Street?
It was a hotel development site consisting of two commercial buildings with nearly 48,000 buildable square feet.
Q2: Who acquired the property?
The site was purchased by McSam Hotel Group, a well-known hotel developer led by Sam Chang.
Q3: What makes the Lower East Side attractive for development?
The neighborhood’s accessibility, cultural appeal, and rising foot traffic make it a hotbed for new hotels and mixed-use projects.
