Investors Flip Historically Significant Bowery Development Site for $47M 

Posted on: October 22nd, 2015 at 5:18 am by
This image has been archived or removed.

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.

Recent Stories

The Ten-Story Development Now Atop the East Village’s Last Gas Station

It was the neighborhood’s last gas station to shutter. Now, it’s a ten-story luxury development. Foundation was first poured for 11 Avenue C way back in December 2016. The timeline upon its conception two years earlier was a fourteen-month construction period. As of this week, the superstructure is pretty much topped out. Rotwein + Blake […]

Eldridge Street’s Formosa Cafe Folds

Casual Taiwanese establishment, Formosa Cafe, is finished. The Eldridge Street hangout hung it up earlier this month. Token tombstone signage now hangs from the cartoony marquee. The Lower East Side location is survived by an outpost in Sunset Park, Brooklyn. Formosa debuted at 34 Eldridge back in May 2015. It was a large, accommodating space […]

Bones Discovered at MTA Construction Site on Forsyth Street are Not Human

Yesterday morning, construction workers on Forsyth Street unearthed bones. A subsequent investigation determined that the remains were not human. As we’ve been reporting, the MTA is currently replacing the subway ventilation plant fifteen beneath the roadbed. Already in the works for three years, installation of this new Emergency Ventilation Plant isn’t slated to conclude until […]

Century-Old LaGuardia Bathhouse is Almost Gone [PHOTOS]

It sat vacant for four decades. Now, the long-abandoned LaGuardia Bathhouse is finished. A nub of its former self. Since our last checkup one month ago, the 1909 structure has lost most of its body. Removed brick by brick by men in cherry pickers. The mural on its western exposure – a depiction of Puerto […]

Dormant Red Mango on Allen Street Finally Gets a New Tenant

Red Mango closed its Lower East Side location on Allen Street four years ago. The space remained a dusty dormancy for the duration. Until this month; and henceforth, something completely unexpected. An interior decorator called APex New York that specializes in kitchen and bathroom fixtures. To be honest, this type of commercial occupant is not […]