Trio of Bowery Lighting District Buildings Sells for $24M

Posted on: June 16th, 2017 at 5:14 am by

Seven months after a slate of Bowery buildings first hit the market, a buyer just emerged.

The family of Bowery landlord David A. Cohen sold 162-166 Bowery to investor Ari Zagdanski (Kinsmen Property Group) for $23.5 million, which is $6.5 million under the initial asking price. The deal reportedly went through this week, thus ending the decades-long ownership of the Cohens (since the 1970s).

The assemblage initially made the rounds as a “prime development opportunity” back in November, but there are reportedly no immediate plans to raze and rebuild. According to a report in the Real Deal, the site had a contract with a different broker, but the deal fell apart. (Jan Sasson is said broker, which we first reported last year.) Instead of re-developing 162-166 Bowery, Zagdanski will instead focus on the “retail spaces, where leases are expiring in the mid-term.”

The three properties have two retail units and 11 residential apartments spanning 23,379 square-feet. There are additional air rights of 21,249 square-feet.

So, either way, the lighting stores are fucked. Oggi had already folded in April 2016; The Lighthouse is officially endangered.

Until now, the west side of the Bowery on this block between Kenmare and Broome Streets was one of the stronger holdouts of the once-bright lighting district here. It’s down to three vendors – The Lighthouse, Lighting by Gregory, and the Lighting Studio.

Recent Stories

Clayton’s Corner: Overthrow the Wrong Way

In this installment of Clayton’s Corner, photographer Clayton Patterson shares news that the Overthrow boxing gym on Bleecker Street is back in action. Then, crosstown on Essex Street, two cops stopped for a quick slice. However, flouting traffic by driving the wrong way to park in front of Champion Pizza. This move seemed to irk […]

How COVID and a Bus Stop Chased Benson’s from Essex Street

The following guest post was penned by Boogie reader Sydney Fishman. For five years, Benson’s held down the corner of East Houston and Essex Streets with craft beers, sumptuous burgers, and the occasional movie night. The movie nights, according to owner Annie Morton, were the highlight of Benson’s tenure on the Lower East Side. Before […]

Next Phase of Market Line at Essex Crossing Now Visible

With scaffolding and other construction elements removed from The Artisan building at Essex Crossing, another part of the Market Line is coming into focus. Unlike the westernmost third of the Market Line, this section beneath 180 Broome Street feels less like a dungeon. Design elements, including massive grand staircase and full facade glass open the […]

14-Story Eldridge Street Hotel Hit with Stop Work Order

The hotel newcomer underway on lower Eldridge Street – recently topped out at fourteen stories – met the might of the city. Inspectors from Department of Buildings issued a stop-work order on 79 Eldridge about a week ago. It’s a full order which only allows work “to provide shoring for all staircases and provide design […]

Eighteen Groups Sign Open Letter Demanding Transparency over CB3 Removal of Committee Chairs

Eighteen community groups within Community Board 3 on the Lower East Side this week co-signed an open letter to city and state officials urging inquiry into the removal of Alexandra Militano and Carolyn Ratcliffe as chairs of the SLA and Arts & Culture subcommittees, respectively. The shakeup, apparently inspired by a stated “new direction” for […]