‘Lighting by Gregory’ Buildings on the Bowery Sell for $30M

Posted on: November 26th, 2018 at 5:00 am by

Lighting by Gregory shuttered its decades-old Bowery store in mid-October. Now we know why. The founding father of the lighting showroom – also the landlord – ultimately decided to cash out.

Building owner Joel Horowitz, who’s owned the three-parcel property between Broome and Kenmare since the 1980s, sold the mid-block assemblage for a hefty sum last week. Kinsmen Property Group is the buyer of record, which dropped $30 million to acquire the properties comprising 156-160 Bowery.

The floor area has a combined square footage of approximately 39,500 square feet. The lighting district buildings together house three apartments and three commercial units (8,000 square-feet).

Kinsmen told the Real Deal that there is no immediate plan to redevlop the Bowery assemblage, but there is apparently a “long-term” strategy to expand the site’s income capacity.

“We’d like to realize the potential on these parcels and we’re considering innovative solutions that create opportunities for the community here,” Kinsmen Property’s Ari Zagdanski noted in a statement. Also known as the wrecking ball.

Recent Stories

Cajun Quietly Comes to Hell Square with ‘Parish NYC’

Out of nowhere, this new Cajun spot for Hell Square. Parish debuted last month at 146 Orchard Street. The arrival of Parish (the word for “county” in Louisiana) comes on the heels of Butcher Bar, the Astoria-based barbecue bar that shuttered back in September after little more than a year. According to its mission statement […]

NYC Half Marathon Foists Thousands of Runners onto the Lower East Side Next Month

On your mark, get set … for thousands of marathoners on the proverbial doorstep. The New York City Half Marathon is less than a month out, and for the second year running, the Lower East Side is in the crosshairs. The race route shifted last year to include spanning the Manhattan Bridge, Canal Street, and […]

Bowery Demolition Site Hits Market for $26M

One year ago, side-by-side three-story tenements comprising 139-141 Bowery were quickly demolished. The narrative at the time was that of a mixed-use replacement tower to rise in its place. Instead, it’s been crickets for much of the interim. Now, the double-wide property – measuring 50-by-100 feet – is on the chopping block for a hefty […]

Did You Spend $22 at Tower Records on Valentine’s Day 1985?

Here’s a fun find. Local music ephemera from 1985. Bowery Boogie contributor Robert Carmona discovered this pristine receipt from Tower Records while working a residential construction job on East 3rd Street. Date of the archaic transaction is Valentine’s Day 1985, most likely at the store nearby on East 4th Street (RIP 2006). One item was […]

Lesbian Shopkeepers on Orchard Street Win Empire State Building’s Valentine’s Day Wedding Contest

Love is in the air! One Lower East Side couple will have their heads in the clouds this Valentine’s Day. Literally. Co-owners of home design store, Coming Soon on Orchard Street, Fabiana Faria and Helena Barquet were one of two couples to win the Empire State Building’s 25th annual “Valentine’s Day Wedding Contest.” Their 15-minute […]