216 Bowery Hits the Market as Development Opportunity
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Building owners on the Bowery are cashing out. Though, with greater frequency south of Houston, where big-time transactions are the new norm.
Now, 216 Bowery is joining the club, so to speak. Eastern Consolidated just put the three-story brick building up for sale a couple weeks ago and is already fielding offers. The orange banner hanging from the exterior reveals as much. Seller is listed in public records as Robert E. Balter, the family which owns the eponymous supply company directly across the street.
Adelaide Polsinelli of Eastern Consolidated feeds us the real estate hype about how it’s “Bowery fever” on this block and how it’s becoming a “cultural center and destination.” Translation = dollar signs in the multiples of millions.
The 4,900 square-foot property is being pitched as a “development opportunity” with the potential to nearly triple in size to 15,000 square-feet. Never mind the restaurant supply business on the ground floor (East Coast Kitchen); it didn’t renew its lease and is reportedly moving elsewhere.
Polsinelli admitted that the sale of the Germania Bank Building at 190 Bowery to Aby Rosen set a standard with its $55 million price tag. As did the arrival of the International Center of Photography at 250 Bowery for $23 million. Everyone is getting rich.
Polsinelli also facilitated the $7.5 million deal for 210 Bowery a couple years ago, which became a nightmare scenario over the summer. There was a collapsed wall that injured two injured construction workers, and the discovery of un-permitted gas tanks. Hazardous conditions all in the name of luxury.