‘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.

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