Here is the First Graffiti-Free Rendering of 190 Bowery for Potential Buyers

Posted on: December 5th, 2014 at 5:00 am by

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Photo: Massey Knakal

Two weeks ago, we reported that real estate magnate Aby Rosen (RFR Realty) was already trying to flip his purported acquisition. The lovely Germania Bank Building at 190 Bowery. Even though no official documentation conclusively proves that Rosen’s RFR Realty actually purchased the property in the first place. Regardless, word leaked that Massey Knakal is the exclusive broker seeking suitors, with brochures for the property circulating.

Said literature is now live on their website as an “ownership request proposal.” Hot off the press!

Most notable about the online listing, before diving into details, is the rendering provided of 190 Bowery. The 1898 landmark (designated 2005) has no graffiti sleeve, and the window portals on the ground level opened up. Rooftop water tank is also gone. It’s a decent bet as to what the future might look like here.

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The babble is rife with hyperbole about its appeal as a “remarkable conversion opportunity.” How one lucky buyer will have the opportunity to “change the landscape of the Bowery for years to come and will be a project unmatched in the price premiums it obtains.”

The granite and brick building stands six stories tall with ceiling heights ranging between 12’ to 19’ on every floor. The property also features significant frontage on the northwest corner of Spring Street and Bowery, approximately 101.5’ and 59.75’ respectively. As a result, one of the building’s most distinctive features is its chamfered corner at the intersection of these two streets, where the main entryway is located on an angled corner bay. Furthermore, the building’s corner location and oversized windows provide a tremendous amount of natural light and air throughout. In total, the building encompasses approximately 35,617 gross square feet.

The open floor plans combined with the property being delivered vacant, offer an unusually large blank canvas for a developer or user to execute a myriad of potential visions, including a boutique residential condominium, a retail flagship, or a truly historic and one-of-a-kind single family residence. Regardless of the strategy, the end result will change the landscape of the Bowery for years to come and will be a project unmatched in the price premiums it obtains.

No price is listed for the 35,617 square-foot property, but the estimated value is well 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, photographer Jay 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.

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