216 Bowery Hits the Market as Development Opportunity

Posted on: September 24th, 2015 at 5:10 am by
This image has been archived or removed.

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.

Share

Recent Stories

One Week After Reopening, Nathan Straus Playground is Again Locked

Not so fast. One week after the Parks Department unlocked Nathan Straus Playground to the public, it’s again gated. Readers report that the padlocks returned on Tuesday without any communication from the city. As reported, the Lower East Side park, which abuts the Attorney Street cul-de-sac, had been closed without notice for nearly a month […]

Parisi Bakery Building on Elizabeth Street Listed for $5.99M

The NoHo building housing Parisi Bakery is up for sale, and the store may not survive. Robert Parisi – building owner and former head baker of the family business – listed 290 Elizabeth Street on the market. He’s seeking $5.99 million for the seven-unit, mixed-use tenement. Parisi purchased the property in 1983 for $200,000, property […]

Astor Place Hair to Close Permanently Next Month Due to Pandemic

You’ve seen, you’ve read, you’ve heard. News broke over the weekend that Astor Place Hairstylists, a bastion of affordable cuts, is closing down for good. Barring some miracle, the 74-year-old business will be another victim of this dreadful pandemic. Apparently, management informed staff last Friday. Its final day on the namesake block is at the […]

See the Subways with the MTA’s Live Subway Map

It’s been a long time coming, but the MTA map is finally going digital. Now officially in beta, the MTA’s “Live Subway Map” is a dynamic interface showing real time train locations, arrival times, and service alerts, among other pertinent info for New York denizens. And it arrives at a time when subway ridership numbers […]

When a Rat Skeleton Falls through Your Ceiling

This is not a Halloween story, but may as well be. As reported yesterday, deaf and hearing-impaired tenants living at 174 Forsyth Street are demanding remedy for deplorable living conditions. Those affected allege years of neglect that led to extreme disrepair and lack of security, and are holding a press conference this morning to train […]