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 GlobeSt.com 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.

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