Landmarked Bowery Savings Bank Building Heads to Auction, Could Fetch $50M+

Posted on: February 12th, 2019 at 5:06 am by

[Updated below] The Bowery Savings Bank building could be the next domino to fall in the increasingly aggressive Bowery real estate market.

The property at 130 Bowery went on sale yesterday for the first time in nearly twenty years. That the 32,000 square-foot space – currently home to the high-end Capitale catering hall – hit the auction block is rather unconventional, as Bloomberg reports. There is no price, just good old fashioned bidding; but the thought is something in the neighborhood of $50 million.

Current (Los Angeles-based) ownership, which acquired 130 Bowery in 2000 from Greenpoint Bank, is ready to offload the historic former bank structure. Perhaps even deliver it vacant for a different use, such as a food hall or a boutique. With ninety-foot ceilings.

Update: PR for Capitale disputes the claim of delivering the space vacant as they have a lease through 2032.

(Exterior landmarked in 1966, interior in 1994.)

From the article…

Potential bidders for 130 Bowery will be asked to tour the property and submit written bids, along with a deposit of $1 million, before the auction deadline of April 30. If more than three viable offers are received, a live, auction house-style sale will take place.

Designed by architect Stanford White (Washington Square Park arch), the bank branch opened its doors at 130 Bowery back in 1834. Thanks to the subsequent waves of immigration to the Lower East Side, the institution prospered for nearly 150 years, eventually establishing 35 branches in the tri-state area. However, by the mid-1980s, deregulation caused mass instability, and their fortunes began to unravel. Consequently, the financial institution was sold five times over the next two decades, and is now considered a part of Capital One Bank.

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