Thor Equities Snaps Up 176 Bowery (Plus Billboard) for $10.2M
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Thor Equities continues its invasion at the confluence of Bowery and Delancey. For the second time in seven months, the behemoth real estate firm has beefed up its holdings at this intersection.
Joseph Sitt’s empire recently purchased 176 Bowery for a cool $10.2 million. This is one of the more visible buildings in the area, thanks to its rooftop billboard that greets motorists from as far back as the Williamsburg Bridge. The seller is one Marlene Lipner, who has owned the three-story, 6,000 square-foot property since 1981.
176 Bowery houses two retail units on premise – Champ Depot restaurant supply and fashion boutique Miss Hoe (aka 11 Kenmare). Most of the frontage is on Kenmare Street. The building is commercially zoned.
Back in October, Thor Equities acquired 195 Bowery right across the street. That transaction was valued at $4 million.
Everyone is cashing out. Nowhere is safe on the Bowery.