Report: Bowery ‘Tech Incubator’ Buildings Sell for Combined $48.5M
Remember those much-publicized “tech incubator” buildings on the Bowery? They just changed hands.
The sale follows more than a year after former owner Caspi Development began peddling the properties on the open market. This transaction is a nearly twofold return on the initial investment.
Marx Realty CEO Craig Deitelzweig told Real Estate Weekly that he was drawn to the “vibrant” energy of the Bowery as well as the surrounding areas.
“Both buildings are architecturally significant and are located one block away from each other in the very dynamic Bowery neighborhood,” he said. “The constructed office space in both properties has broad appeal to tenants across a variety of business sectors and we are delighted to have 135 and 161 Bowery join the Marx Realty portfolio of best-in-class office assets in premier locations.”
As previously reported, Caspi Development purchased 161 Bowery in 2014 for $12.75 million. Its focus had been converting the space into luxury offices for start-up tenants like Kik Interactive, plus a gym on the main floor (Mark Fisher Fitness). Same strategy with the once-controversial 135 Bowery (it was almost landmarked), which it scooped up in 2015 for $16.2 milliion as a joint venture with RWN Real Estate Partners and Artemis Real Estate Partners. The latter houses Tang Hotpot on the ground level.