You can no Longer Ignore the Condos Being Built Next to Katz’s Deli

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196 Orchard Rendering
If anyone has recently been by Katz’s Deli on the Lower East Side then you’ve certainly seen the eight-story condo structure next door. Even if you haven’t looked up, you’ve dealt with having to walk around the scaffolding which pushes you into the street.

To build 196 Orchard, landlord Ben Shaoul had to pay Katz’s for their air rights—a whopping $17 million! According to a recent report by Bowery Boogie, there are three more stories that have yet to be built, but the first 8 are up and visible to the world. The total cost of the project? $75 million.

Credit: Rendering by Williams New York
Credit: Rendering by Williams New York

You have to have deep pockets to snag one of these prime location luxury apartments. The starting price for a brand new apartment at 196 Orchard Street is a bit more than $1 million for a studio, and continues to rise above $5.5 million for three bedrooms and 3.5 baths.

Insanity for most residents of the area. Yet, you can already find the building on Street Easy, with 25 units already sold and 10 more currently on the market. Some units will even have private terraces.

Once completed (in early 2018) it will include a 4,100 square foot rooftop terrace with views of Manhattan, 94 units from studios to four-bedroom apartments, and a two-story Equinox that’s 30,000 square feet.

Featured image source [Williams New York]

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