Demolished 135 Bowery Up For Sale

Duped. Misled. Hoodwinked. Use whatever term appropriate, but that seems to be the case down at 135 Bowery, where the former Federal-style row house met its maker earlier this year. You’ll recall that Councilwoman Margaret Chin flip-flopped on landmark status for the centuries-old building, angering neighbors, local preservationists, and historians in the process.

The fate of 135 Bowery was sealed exactly one year ago when City Council voted 49-to-1 to deny landmarking, mainly at the behest of Chin. Curious, indeed, since she had initially supported protecting the then-oldest structure on the Bowery, which dated to 1817. Reasoning behind the turnaround was twofold – the “dire” condition of the building itself and motivations to help Chinatown’s economic recovery. The owner, First American International Bank, had purchased the property in 2007 and planned to construct a seven-story commercial structure with “affordable” office space.

Source: Massey Knakal

Since that fateful landmark overturn, demolition and construction has been fast and furious. But now the true colors are showing. The bank no longer wants a piece of the pie. 135 Bowery just hit the market via Massey Knakal as a “prime development opportunity,” carrying a price tag of $8.5 million. Below is the real estate listing. They need a copy editor for sure…the property is actually on the EAST side of the boulevard.

135 Bowery is a prime development site located on the west side of Bowery between Grand and Broome Streets. The property was recently demolished and the foundation for the new development has recently been installed. There are DOB approved plans and permits issued for a 20,427SF building (including cellar), consisting of an 8 story commercial loft building with retail on the ground floor.

The Bowery was recently added to the State Register of Historic Places, an important step towards being added to the National Register of Historic Places. Both lists indicate the likelihood of the Bowery’s future landmarking and potentially being designated a historic district, which will have no effect on the current development but will limit the development of the surrounding buildings.

ICAP tax benefits have been applied for and the New York City Department of Finance has verified that the application is approved. The property will receive an annual abatement of approximately $72,000 over a 10-year period starting in mid 2013. The development of this property would be ideal for a commercial user, non-profit institution or investor.