260 Bowery Sells for $10M Ahead of 8-Story Luxury Condo Project

Posted on: November 20th, 2015 at 5:13 am by

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260 Bowery, September 2015

Back in September, we broke news that 260 Bowery would be razed and redeveloped into 23,500 square-feet of luxury housing. Demolition permits were filed over the summer, and some preliminary takedown happened. Now, the pre-war building has been sold. It’s all part of the endeavor to drop an eight-story condo building with five units.

The Commercial Observer follows up our story and notes that developer Premier Equities purchased 260 Bowery for $10 million this month. Plans for the new building were in the works over the summer when said demolition permits were initially filed by then-owner Esther Yip (aka Lyco Investment Corp). Reportedly at the behest of Premier.

Morris Adjmi Architects is the designer of record on the high-end project. The first two floors and basement are dedicated to retail, with five condo units up above. No permits are on file yet with the Department of Buildings, though.

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Scope of the project (i.e. skyline status) is somewhat limited due to its zoning restrictions as part of the Special Little Italy District, which caps heights at 85 feet and requires frontage composed mainly of masonry.

Oh, and if Premier Equities seems familiar to you, it should. The firm just shelled out $5.75 million for the retail unit at 147 East Houston.

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