Bowery Demolition Site Hits Market for $26M

Posted on: February 15th, 2019 at 5:00 am by

Photo: Raymond Chan Architect

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 $26 million. Billed as a development/conversion site by exclusive broker Cushman & Wakefield, the listing boasts about approved plans already in place for the deep-pocketed buyer.

Plans to redevelop the properties, in one form or another, date back to at least fall 2013, according to Department of Buildings records. Five years later, owner-developer Global Joint Venture filed revised paperwork to construct a fourteen-story mixed-use building – with podium setback on level six – carrying nineteen residential units spread across 21,168 square-feet. Also included in the approved project are roof terraces for tenants, a potential ambulatory health care center, bike room, gym, commercial office space, and ground-floor retail.

February 2018

As reported, the tax lots of 139-141 Bowery were previously combined to allow for this mixed-use massing on the east side of the Bowery.

Now, it’s up for grabs. To the broker-babble:

There is an approved plan in-place for a 14-story mixed-use building. The plan calls for retail space on Ground floor and Mezzanine level, offices, community facility space on Floors 2-6, and residential apartments on Floors 7-14.

The site provides investors and developers a rare opportunity to build and own along one of the most sought-after corridors in New York City, the Bowery. The Bowery has evolved into a 24/7, 365 destination for living, working, shopping, and playing and this site is ideally situated in the heart of many existing as well as new developments in the area. Nearby attractions include the famous event venue, Capitale, a brand new hotel/ co-working space, Selina, operated by WeWork’s founder Adam Neumann at 138 Bowery, and the Citizen M Hotel at 185 Bowery. The Moxy Hotel’s third NYC outpost is beginning construction steps away from the subject site as well as a brand new 10-story office building at 171 Bowery. The site is also steps from various modes of transportation including the B, D, J and Z trains.

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