NEW YORK CITY-A residential/retail loft building at 126-130 Orchard St., situated between Delancey and Rivington streets, is on the market for sale with an asking price of nearly $23.3 million.

Eastern Consolidated’s executive director Stuart Gross, with senior director Deborah Gutoff, are marketing the fully occupied, completely renovated property. According to Eastern, the building would serve as an ideal 1031 exchange candidate, since minimal maintenance and management is required, providing significant future upside.

Gutoff tells that the seller is the Velum Corp., a single asset entity owned by a local investment group. “The owner believes the property’s highest value will be realized in its condominium conversion potential,” she says, “but due to tax considerations, has decided to sell in order to receive advantageous long term capital gains treatment versus the ordinary income that it would derive from undertaking the conversion process itself.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.