216 Bowery ‘Development Opportunity’ Sells for $13M
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Six months on the open market, and we have a winner. A buyer has stepped forward to acquire the three-story 216 Bowery. The property traded earlier this month for $13 million ($2,650 per square-foot).
The seller of the now-vacant 216 Bowery is the Balter family, presumably the owner of the eponymous restaurant supply company across the street. The building was in their possession since 1980, according to public record. However, the transaction has not yet been recorded with the city, so the buyer remains cloaked in anonymity.
Adelaide Polsinelli from Eastern Consolidated represented both the buyer and seller.
“The price paid for this property is further validation that the Bowery has arrived,” Polsinelli said in a statement yesterday. “Now in the lineup as one of the hottest, most sought after New York City commercial, retail corridors, the Bowery is taking its place as an established Main Street in Manhattan.”
Back in September, she fed us the hype about “Bowery fever” on this block and how it’s becoming a “cultural center and destination.”
Expect the quaint 4,900 square-foot tenement to fall soon enough, joining the ranks of other developments plaguing this stretch of the Bowery. The site was initially pitched as a “development area” with the potential to nearly triple in size to 15,000 square-feet (but limited by the Special Littly Italy District).
From East Houston to Delancey there are five active projects underway that will forever change the composition, including the eight-story mixed-use dwelling at 210 Bowery and a nineteen-story CitizenM hotel. How much more development can these five short blocks sustain?