More on the $45M Bowery Transaction that Has Preservationists Worried
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More information has come to light regarding the identity of the buyer who acquired a row of historic buildings on the Bowery. You’ll recall that 134-142 Bowery sold for a $45 million sum, but speculation was rampant as to who shelled out the cash. Now we know; look no further than … Montana (?).
The Real Deal has a follow-up story to a lead we exclusively broke in early November. Apparently the Montana-based law firm Max A. Hansen and Associates purchased the parcels on behalf of a group of 1031 investors. When taken together, the properties allow for some 77,000 square-feet of buildable real estate.
Seller Henry Chen purchased the first two buildings, at 140 and 142 Bowery, in 2009 for $13.5 million, property records show, and had filed building applications to put up an eight-story residential structure with 28 units. The building never came to pass, and Chen parted with the properties for $21.1 million, records show. The second set of buildings, stretching from 134 to 138 Bowery, were purchased for $24 million and sit in an area that has seen increasing investment activity as of late. The seller was 134-8 Bowery Corp.
Their report fails to mention, though, that two of the properties that comprise the portfolio are iconic Federal-row houses that date back to the eighteenth century. Both 134 and 136 Bowery were built around 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.
Also the fact that New York Lightning was forced to move two doors south due to the sale and impending doom.
Councilwoman Margaret Chin really needs to intervene to ensure these buildings aren’t summarily demolished. Oh wait, remember 135 Bowery?