Rising Rents and New Crowd in the “Hip” Bowery Triangle

Posted on: September 17th, 2012 at 6:28 am by

This image has been archived or removed.

Source: EV Grieve

The rents are so damn high with no ceiling in sight.  That’s pretty much the gist of an article in Crain’s over the weekend about the triangular parcel of real estate bounded by Lafayette, Astor Place, Bowery, and East Houston, and the new “hip” crowd that’s taking the reigns here. And in this case, “hip” is simply a euphemism for well-coined.

Within this geometric shape of land, the new order has taken hold, one catering to pricey hotels, pricey retail, and office space for technology companies. The writeup doesn’t present much in the way of new information, focusing mostly on the Death Star of 51 Astor Place (EV Grieve coverage) and touching briefly upon Intermix (first reported here).

Some choice print bytes:

In fact, the narrow, eight-block-long triangular slice of lower Manhattan running north along Lafayette Street from East Houston Street up to Astor Place, and from Lafayette one block east to Bowery, is becoming Manhattan’s newest hot spot. It boasts an eclectic mix of office, hotel, residential, academic and cultural tenants.

And up at the top of the triangle, developer Edward Minskoff is erecting 51 Astor Place, which is expected to boast the highest-priced office space outside midtown. Some landlords say that the Fumihiko Maki-designed building—where asking rents are expected to rise as high as $115 a square foot—is helping to elevate everyone’s sights.

Since then, he’s razed the old building and begun work on a 13-story, 440,000-square-foot, granite-and-glass office tower. Paul Glickman, a broker with Jones Lang LaSalle—which is heading leasing for the building—reports that several technology and digital-media companies have expressed interest. Many other landlords in the area, however, are pinning their hopes on much the same audience.

Marko Zivkovic, restaurant manager of the Gemma, located in the lobby of the Bowery Hotel, said his business has grown more than 12% in the past year alone. “We are always busy,” he said.

Recent Stories

Black Seed Bagels will Reopen on Elizabeth Street Next Month

One month after an early-morning fire ripped through the original Black Seed Bagels in Little Italy, the business is on the mend. And might reopen sooner than initially expected. As in next month. On March 7, a fire sparked on-premise and knocked out the whole bagel operation. Firefighters were successful in extinguishing the blaze and […]

Tsaôcaa & Bào Bubble Tea Spot Opens on Ludlow Street

Three months after the Thai ice creamery, Juicy Spot, faded from Ludlow Street, another snack shop is now operational. This time, the M.O. is all things bubble tea. Tsaôcaa & Bào recently opened at 109 Ludlow, just north of Delancey Street. It describes itself as a bubble tea business that “strives for ultimate freshness and […]

Time is Short for the Longtime Subway Florist of 14th Street

With the rebranded L train “slowdown” one day away, time is slim for the longtime subway florist on 14th Street. Our roving photographer – Lower East Side native Robert Carmona – caught up with the subterranean peddler last month to learn the latest. Periklis Tsoumas, who has been at the 1st Avenue and 14th Street […]

Report: Tenement Museum Workers Unionize

The front-facing staff of the Tenement Museum, after many failed attempts throughout the years, have finally agreed to unionize. A vote was held last week in which all education, retail, and visitor services employees mobilized to join Local 2110 UAW (United Auto Workers). The measure passed by a 96% margin. The vote was spurred by […]

Sunshine Cinema Signage Carted Away

Sunshine, sunset, swiftly goes the demolition. Indeed, no sooner did the sidewalk bridge appear at 141 East Houston Street than workers deposed the Sunshine Cinema neon lettering. We’re told that a van carted the signage away yesterday. Co-owner-developer East End Capital did not return our request about the fate of the letters. Meanwhile, the demolition […]