The Future of 250 Bowery
250 Bowery has had a tumultuous life in recent years. The original row of buildings that had been standing for decades was dismantled in 2006 to make way for a high-tech boutique hotel by FLAnk Architects, complete with geothermal wells. Yet, like so many other new neighborhood developments, it went belly up after the economy took a giant shit in 2008. Soon thereafter, the project was foreclosed, and the pit of doom became a rat-infested junkyard. Graffiti, trash bags, discarded clothes, and used tires were all par for the course.
But a glimmer of hope shines in the distance for 250 Bowery. As Curbed reported back in October, the distressed property was snapped up by the Vella Group for $9,272,250. It was also announced at the time that an eight-story, mixed use residential building would rise here. Not a hotel. Well, within the last week, the familiar signage appeared at the long vacant worksite, promising nine stories and a completion date of July 2012. And apparently this new development will help improve the quality of life for New Yorkers.
Construction should allegedly begin by springtime.
[256 Bowery in 2005; Photo Credit: RK Chin]