Bowery Portfolio of 11 Buildings Sells for $62M

Posted on: June 11th, 2013 at 6:32 am by
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Just when maybe you thought Bowery gentrification might not get any worse, there’s this. Joseph Betesh (pka Milestone Equities), whose family owns the Dr. Jay’s streetwear empire, snapped up eleven Bowery properties between Canal and East Houston for $62 million. Chump Yup change. The Wall Street Journal broke the story yesterday in its print edition, but for whatever reason, neglected to place it online.

Nevertheless, the Observer elicited a prepared statement from Massey Knakal who brokered the sale.

The properties are located at 83, 85, 88, 103, 105, 219, 221, 262, 276, 280, and 284 Bowery. The buildings total approximately 143,230 above grade square feet with all air-rights intact. The properties are not contiguous, but nine of the 11 buildings are paired with an adjacent property…

These properties have been family owned since the 1930s which presented a rare opportunity for Milestone Equities to acquire a portfolio with tremendous upside.

Included in the portfolio are properties that house Keith McNally’s Pulino’s, numerous restaurant suppliers such as Chair-Up, and mom-and-pop Chinese businesses.

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