Caspi Development Looks to Flip 135 Bowery for $25M

Posted on: July 13th, 2017 at 5:00 am by

It’s quite sad that 135 Bowery has gone from historic Federal-style row house to little more than another Lower East Side speculative property. Its current owner of roughly two years – Caspi Development – is now looking to unload the property for $25 million. If the price is right, that’s a $9 million profit.

Cushman & Wakefield is the exclusive broker of 135 Bowery. Below is an excerpt of the broker-babble. The “high end restaurant” mentioned in the copy is Tang Hotpot, an offshoot of the East Village noodle bar, The Tang.

With approximately 21,308 rentable square feet across single floor retail and office units, the subject property represents an ideal opportunity for an investor to acquire a newly built mixed-use office building with stable in-place cash flow in a rapidly growing neighborhood.

The 8 story building with two elevators consists of one retail unit on the ground floor with 20’ ceilings plus a mezzanine, as well as seven full-floor office units with 10’ slab-to-slab ceiling heights above.

The retail space is leased to a soon-to-open, high-end restaurant owned by an established New York restaurateur. Six of the seven commercial units are occupied, leaving the penthouse unit vacant for potential purchasers to either occupy themselves or lease. 

The turn-key, loft office spaces are fitted with reclaimed wood details, custom kitchenettes, conference rooms, and efficient LED lighting. 135 Bowery has been WiredScore Certified Silver ensuring its data infrastructure will more than meet the demands of New York City’s growing tech tenant base. Demand for full floor office space has skyrocketed as a result of the recent workplace shift to open collaborative floor plates, especially within the creative and tech sectors. Each unit is individually metered and contains its own HVAC package unit, and two of the units feature private outdoor space.

As chronicled, 135 Bowery was previously home to a wood-framed, Federal-style row house dating to 1818. Unfortunately, the de-landmarked structure was leveled in 2011 (thanks to Councilwoman Margaret Chin), leading to construction of the eight-story office building now on the block. Developer First International Bank initially intended to use much of the space for its offices, but unsurprisingly backed out and sold out.

Caspi Development acquired the rebuilt property for $16.2 million in October 2015, and bet big that this nook of the Bowery would become a high-tech sibling of Astor Place (it’s not fuckin’ Midtown South). Not so much, it seems.

Recent Stories

After Chinatown Protests, ‘Dogman’ Sculpture Headed to Foley Square

The so-called “Dogman” fled Kimlau Square with the proverbial tail between its legs. When the Lunar Year of the Dog arrived back in February, controversy reached Chinatown with the proposed placement of a 900-pound anthropomorphic canine statue in a suit holding a red apple. Australian artists Gillie and Marc Shattner titled this seated, good-luck hound, […]

Lower East Side History Month Kicks Off Next Week

It’s just about time for Lower East Side History Month festivities to commence in May. As in the past four years, a month-long series of celebrations is in the works to highlight the rich and diverse history of the neighborhood. An array of folks comprised of cultural and community groups, small businesses, and residents have […]

Una Pizza Napoletano Marks the spot Ahead of Orchard Street Opening

Pizza maestro Anthony Mangieri officially returns to the city next week with his trendy Una Pizza Napolitano. For this third go-round, the restaurant has chosen the Lower East Side. Bright red neon lettering now illuminates the entrance of 175 Orchard Street ahead of the Monday opening (April 30). Upon debut, the 72-seat Una Pizza Napoletana […]

Police Seek Suspect who Punched out 84-Year-Old Chinese Man on East Broadway

The 7th Precinct is seeking public assistance in locating a perp who assaulted an 84-year-old Chinese man near 124 East Broadway Tuesday morning. According to cops, the victim had been sitting on the bench outside the Nana bodega on Tuesday morning at around 10:30am, when the assailant punched him in the face. He was later […]

Sounds of the Lower East Side, Circa 1934 [VIDEO]

Back in February, we posted a compelling, decades-old video of life in the Big Apple during 1929. The best part about this original footage was the authentic audio track paired to it. Now, the video editor behind that clip (alias Guy Jones) has struck again with a new video of Lower East Side living in […]