NEW YORK—Ashkenazy Investments has paid $6 million to acquire 156-164 Delancey Street, a corner retail building located in Manhattan’s Lower East Side.

Situated on the northwest corner of Delancey and Clinton streets, the property changed hands in an all-cash transaction. Bob Knakal, Massey Knakal chairman, and Michael DeCheser, first VP of sales, exclusively handled the transaction.

The single-story property currently consists of six commercial units, five of which are occupied. The property includes 109 ft. of frontage and is located next to the Manhattan entrance of the Williamsburg Bridge.

“Retail properties like this are in extraordinarily high demand today,” said Knakal. “With some repositioning, this asset can produce much more cash flow than it does today.”