Katz’s to Sell Air Rights Over Location

Katz’s Delicatessen isn’t going anywhere, but the space above the landmark restaurant is now up for sale.  Katz’s co-owner, Jake Dell, has told The Low Down that the institution is in talks with a developer to sell the space above the restaurant.

Katz’s, which has been in its current location for nearly 70 years, has no plans on moving.  According to Dell, “The most important thing is that the future of Katz’s is secure — at the end of the day, no developer can ever come in and knock us down to put in a high rise. At no point will anyone value the corner of Houston and Ludlow for anything other than Katz’s Delicatessen.”  This comes as reassuring news as recently, rumors had been circulating about the sale of the pastrami-landmark.  Dell reportedly broke the news over the air rights to quell said rumors, but can’t give much more detail.

It is not clear yet whether the restaurant will have new structure built upon the existing structure, or if the upcoming development on Orchard Street will cantilever over Katz’s.  Dell has said, however, that Katz’s will “not be closed for a single day.” It was also confirmed today that, as suspected, Ben Shaoul’s Magnum Reality is the purchaser behind the development.

To read more about the sale, click here and to read more about the Orchard Street development, click here.