Investors Flip Historically Significant Bowery Development Site for $47M
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Plans for demolition have been filed for three of the oldest buildings on the Bowery.
We’re talking, of course, about the assemblage of historic properties comprising 134-142 Bowery. For the second time within a year, the development parcel (in industry speak) – which includes a butchered Federal-style row house that dates back to the 1790s – changed hands for an ungodly amount. A group of 1031 investors represented by Montana-based law firm Max A. Hansen had purchased the properties last December for $45 million. Their quick sale this month to Emmut Properties yielded a $2 million profit on the investment.
Now with Emmut Properties at the helm, those blue-sky plans for the site are somewhat in doubt.
It was back in July when we reported that three of the oldest buildings on the Bowery would fall. Demolition permits were filed for 138-142 Bowery, and the collective mourning began.
Paperwork was then filed last month with the Department of Buildings that confirms the future for these three historic houses. Namely, that the 44,000 square-foot replacement development will be one of those condo-hotel hybrids. The space is divvied up between commercial hotel (30,825 square-feet) and residential use (13,859). In plain English, that means 64 hotel rooms and 21 apartments. A retail tenant and rooftop “recreation area” are also included in the plans.
Since the five-parcel tract resides in the Special Little Italy District, zoning caps heights at a mere 85 feet, and requires significant masonry.