77 Bowery Currently Up for Auction with Opening Bid of $5.5M

Posted on: November 17th, 2014 at 6:00 am by
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The seven-story East West Bank building on the Bowery is amidst a transitional period in its life span. Jonathan Zamir’s Keystone Equities purchased the commercial office building in December 2012 for $20 million, and is now selling it off piecemeal. The ground level condo went to a “private investor” back in June for $12.5 million. It remains on a long-term lease to the aforementioned financial institution.

But now the remaining five floors at 77 Bowery – all of which are vacant – are up for auction. And the powers that be are apparently trying to get the word out with a ginormous banner on its southern facade. Bidding for the property kicks off later today with an opening ask of $5.5 million; the auction closes on November 19. This building seems cursed so the move makes sense.

Eastern Consolidated is teaming up with Auction.com for the transaction.

Auction.com and Eastern Consolidated present the opportunity to acquire a vacant class B+ commercial building comprising of 7 floors of office space located in Lower Manhattan, NY. The sale includes a commercial condo building (floors 2-8) which totals 27,711 GSF and comprises of seven floors of raw office space which can be separated into several individual office condos. The property was built in 1940, was renovated in 1992 and received some slight cosmetic upgrades in 1998. The ground floor retail level is currently on a long-term lease to East West Bank and is not included in this sale. The retail is owned by a private real estate investor who acquired it in June 2014. The property is located near the intersection of Bowery and Canal Street in a dense urban area on the edge of the Soho submarket near Chinatown. Similar commercial condo product surrounding the subject property is primarily comprised of comparable multi-story early 20th century construction buildings lining Bowery and Canal St.

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