Five-Building Bowery Development Site Sells for $45M; Federal-Style Row Houses Will Fall

Posted on: October 30th, 2014 at 2:15 pm by
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The dominoes on the Bowery continue to fall. Word just came down the pike that the long-vacant stretch of former lighting stores comprising 134-142 Bowery sold for an astonishing price. The five contiguous buildings netted $45.25 million for the respective owners. Total buildable square-footage is approximately 75,000 square-feet. Jan Sasson, president of E Property Group represented the multiple sellers in the transaction.

Apparently a “local developer” purchased the properties, but remains anonymous for the moment. What we do know, however, is that the new owner specializes in luxury rentals, but that “ultra high-end condos” are also being considered (possibly $2500-3000 per square-foot). Think the 224 Mulberry Street.

This “development site” has been pitched as such since February. In fact, the original real estate listing had been for 140-142 Bowery at a price point of $22 million.

Unfortunately, two Federal-style row houses will fall victim once this land is cleared. We noted the endangered status of 134-136 Bowery earlier this year. This remarkable pair of Federal houses was built about 1798 for Samuel Delaplaine and during their long history housed the Carmel Chapel of Reverend Dooley, the New York City Mission and the art studios of Eva Hesse, Billy Apple and Gilda Pervin. These survivors should be treasured for their steeply pitched roofs, gabled dormers, Flemish-bond brickwork as well as their significant cultural associations.

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140 Bowery lost its dormers in November 2011

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