BY AL BARBARINO

The ship has sailed on an opportunity for investors to pick up a Lower East Side building known in some real estate circles as The Mayflower, located just one block south of the revived Seward Park Mixed-Use Development Project.

Massey Knakal arranged the $11.3 million sale of the mixed-use building at 221-223 East Broadway for a Long Island investor who scooped the competition to win out an aggressive bidding process.

“The high level of interest and activity we received at 221-223 East Broadway indicates the growing interest in the area south of the Seward Park Urban Renewal Area,” said Massey Knakal Director of Sales Michael DeCheser, who exclusively represented the seller with Senior Vice President of Sales Robert Burton.

The new owner of the 21,309-square-foot, six-story walk-up, located on the southeast corner of East Broadway and Clinton Street roughly and sitting on a 48’ by 90’ lot, will capitalize on the upside in rents fueled by the changing landscape of the neighborhood and the ultimate transition of the affordable housing units in the building.

The property features 26 residential units – seven one-bedrooms, eight two-bedrooms, eight three-bedrooms, and three four-bedrooms. Of those, 11 are free market, 14 are rent stabilized, and one is rent controlled. Retail tenants include Malt and Mold, Pushcart Coffee, Sivandrew Bar, Manhattan Deli & Grocery, and a nail salon.

The previous owner, Red Brick Properties, made numerous capital improvements to the building, including a lobby renovation, upgraded fire escape stair risers, a new boiler, electrical systems, intercoms and security cameras.

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BY KARSTEN STRAUSS

In the past several years the story of Midtown South has been the influx of technology and media firms seeking to set up offices along Manhattan’s Silicon Alley. This new workforce crowd has brought with it different tastes in food – both culinary and culturally.

“This area doesn't need any more fast food, fried chicken or cheap burgers,” said John D. Harding, a broker specializing in restaurant properties and the restaurant consultant to the 34th Street Partnership, Bryant Park and Chelsea Improvement Company. “There are still folks of all ages who want to get supersized but healthy eating is the password for many tekkies including vegan, vegetarian and even organic alternatives.”

Notable spots in the broader Midtown South area include Blossom Du Jour at 617 Ninth Avenue, the Korean Han Gawi at 12 West 32nd Street, and Loving Hut at 348 Seventh Avenue between 29th and 30th, part of a chain opened by followers of Vietnamese spiritualis, Ching Hai. For vegan appetites, there’s Urban Kitchen at 391 Eighth Avenue between 29th and 30th Streets.

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BY BILLY GRAY

When The Commercial Observer spoke with Ken Barnes last month at the International Council of Shopping Centers conference, the senior director of northeast regional development at 7-Eleven laid out bold plans for the convenience chain's continued expansion throughout Manhattan.

"We can't open more New York locations fast enough," Mr. Barnes said. "Every neighborhood is a target." As the company hopes to add 100 more Manhattan locations to its 32 current outposts across the borough, one neighborhood isn't taking the bullseye on its back lightly.

Alphabet City is fighting for its right to shop at independently-owned 24-hour destinations for late night beer and hygienic product runs.

A number of locals spoke out against the 7-Eleven last September upon hearing the early reports of its arrival at 170 Avenue A. There's been a steady stream of opposition--and anti-7-Eleven chalkings--ever since. While there are already four 7-Elevens in the East Village, the company--and most other large chains--have largely stayed west of the neighborhood's relatively funky eastern section with the alphabetized avenue names.

Now, the neighborhood appears set to move beyond street art and sticker protests and is floating potential legislation to stanch the chain store incursion. The New York Times reports that a group of 40 locals last week floated the idea of legislative action that would require public hearings and city planning commission approval for any proposed chain businesses in the district bounded by Houston Street, East 14th Street and Avenues A and D.

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