Report: Aby Rosen is Already Trying to Flip Graffiti Covered 190 Bowery
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This past September, blockbuster news came down the Bowery that the Germania Bank Building was in contract to real estate magnate Aby Rosen. His company – RFR Realty – had been marketing the 38,000 square-foot property since August.
Even though it’s still believed that RFR hasn’t closed on the 1898 landmark just yet (and rumors that the deal fell through), there are already reports surfacing that a flip-job is underway. The Commercial Observer notes that Massey Knakal is circulating marketing materials (dated November 19) pitching the property. No price was listed for either the alleged September sale nor what appears in the industry literature.
The estimated value of 190 Bowery is north of $50 million.
The intended plan for this site is likely a condo conversion with retail on the ground floor.
According to property records, Maisel purchased the Germania Bank Building in 1966 for $102,000. As the urban lore goes, the artist and family refuse to scrub the graffiti from the building because the city allegedly rebuffed his attempts to do the same in the bad old days of the Bowery.