In 2015, the iconic 128 year old Katz's Deli in New York's Lower East Side neighborhood sold its air-space and two neighboring properties for 17 million dollars. Without surprise, the purchaser of this coveted real estate was apartment developer, Magnum Real Estate Group. Magnum also acquired all of the 12 single story commercial spaces along East Houston Street between Orchard and Ludlow, including iconic Ray's Pizza and Empanada Mama. Ironically enough, areas such as the LES originally became popular places to live amongst young people and professionals because of the character and uniqueness of the neighborhood. As developers are continuing to bulldoze the charm that once was, are prospective buyers really going to want to spend over 1 million dollars on a 550 square foot studio if they can't even walk out of their apartment at 2 am and get a slice a pizza? The New York that once represented individuality is becoming quite bland.
Read more details from the New York Times.