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This image has been archived or removed.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

NYPD Shut Down Adidas 99-Cent Sneaker Stunt on the Bowery Yesterday After it Turned Violent

Police yesterday morning shut down an out-of-control Bowery pop-up selling a limited-edition sneaker collaboration between adidas and AriZona Iced Tea. The huge crowds were the collective answer to the question, what happens when you sell a rare sneaker for 99 cents? The collaboration yielded two limited-quantity styles – Yung 1 and Continental. Both were available […]

Watch this Brazen Tagger Desecrate Louis Vuitton Logo on Ludlow Street

It’s clear that the locals aren’t too thrilled with the invasive Louis Vuitton pop-up at Ludlow and Rivington Streets. And one brazen tagger proved it. Midday Wednesday, a youngster jumped onto the building’s garbage bin and quickly spray-painted over the company logo. The graffiti lasted for a couple hours before it was buffed away. As […]

Katz’s Adjacent Retail Condo Sells for Record $89M

The hot pastrami sandwich at Katz’s Deli costs $22.95; the ginormous commercial condo in Ben Shaoul’s luxury development next door costs $89 million. Developer Ben Shaoul reportedly sold the retail portion of the building to the AR Global affiliate New York City REIT. Stated sale price is $88.75 million, which makes it the most expensive […]

Man’s Throat Slashed in Barbershop Bloodbath on Stanton Street

A 27-year-old man was slashed inside a barbershop on Stanton Street yesterday morning. The unidentified victim was attacked at about 11:15am while inside First Choice Barbers at 156 Stanton Street. The attacker, 35-year-old Aldo Corniel, slashed the customer in the throat; a third man saved the day by bashing the assailant with a fire extinguisher. […]

Doyers Street ‘Asphalt Art’ Ahead of Chinatown Seasonal Streets Closure

The third annual “Chinatown Seasonal Streets” initiative is upon us. As part of the program, select streets are closed to traffic to create public pedestrian space. The temporary plazas are also decorated with so-called Asphalt Art. Doyers Street had been the pilot, but this year sees the inclusionof a 5,370 square-foot area of Mott Street […]