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Pink Buildings on Orchard Street Sell for $27M

By Serena Solomon | July 30, 2013 12:23pm | Updated on July 30, 2013 2:00pm
 The buildings at 57, 59-63 and 65-67 Orchard St. recently sold for $27 million.
The buildings at 57, 59-63 and 65-67 Orchard St. recently sold for $27 million.
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Massey Knakal Realty Services

LOWER EAST SIDE — Three Orchard Street buildings distinguished by their pink paint sold last week for $27 million.

Waterbridge Capital and the Jangana family purchased the buildings at 57, 59-63 and 65-67 Orchard St., at the corner of Grand Street, which house retailers including men's clothing store Jodamo, according to Massey Knakal Realty Services, which brokered the sale.

The loft-style buildings, which are entirely commercial, have 320 feet of storefront in an area that has been attracting trendy tenants in recent years such as Earnest Sewn, a high-end denim designer, and eateries like gluten-free bakery Babycakes and bar Dudley's.

"Loft buildings are incredibly rare in the Lower East Side, let alone ones with 320 feet of frontage in a transitioning retail location," Michael DeCheser, from Massey Knakal Reality Services, said in a statement.

The 125-year-old cast-iron corner building, at 65-67 Orchard St., was designated as a landmark by the Landmarks Preservation Commission last September, protecting it from demolition or major changes to its facade. The building once housed Edward Ridley & Sons, the largest department store on the Lower East Side.

The three buildings, which contain more than 50,000 square feet of space, have an additional 17,500 square feet of available air rights and any changes from commercial to residential tenants would require a zoning permit change, according to Massey Knakal.

Waterbridge Capital did not return a call for comment.

The brokerage declined to discuss the new owner's future plans for the properties.