Modell’s CEO Scoops up 249 Broome Street for $22.5M

Posted on: June 21st, 2019 at 5:00 am by

The CEO of Modell’s Sporting Goods now has a $22.5 million stake in the Lower East Side.

City records show Mitchell B. Modell as the recent buyer of 249 Broome Street, which last changed hands four years ago. Modell acquired the six-story walk-up from Mark Silver through an entity called “M & M Broome Street LLC.”

Silver had spent the intervening time upgrading the multi-family tenement, rebranding 249 Broome as a luxury offering. As is often the case, longtime tenants were caught in the crossfire and organized a tenant association. They ultimately settled their disputes in 2017 (confidentially), but the long-running laundromat on the ground level didn’t survive.

With this current transaction, Silver nearly doubled his initial 2016 investment of $12.3 million.

[h/t The Real Deal]

Recent Stories

About that Mammoth Matador Mural on Allen Street

Muralist Conor Harrington returned to the Lower East Side two weeks ago to impart one of the larger murals in the neighborhood. The five-story artwork, located on the Allen Street facade of 266 Broome – outside the Emma Peel Room – is striking and hard to miss. What appears to be a matador in stance […]

Justin Theroux Really Wants You to Know his Chrystie Street Bar is the ‘Diviest’ New Dive

Actor Justin Theroux and other nighlife impresarios opened Ray’s on Chrystie Street last week, taking the space previously occupied by Le Turtle. Best part about the arrival was receiving a thousand-word, ipso-facto media advisory explaining how the establishment is the “Lower East Side’s diviest new dive bar.” Here are some choice bytes: Ray’s joins New […]

After a Century on the Bowery, Faerman Cash Registers is Cashing out

brief documentary At one point in the mid-twentieth century, the Bowery boasted several cash register stores; soon, though, the count could be down to one. In operation for over a century, the iconic Faerman Cash Register Company is about to depart. The business recently put its building at 159 Bowery up for sale, and there […]

Taco Mix Opens Lower East Side Restaurant on Delancey Street

Taco Mix just launched its newest city outpost. Headquartered on Delancey Street, the fast casual establishment is a year in the making, and began serving last week. Founded on 116th Street in 1991, Taco Mix is known for its al pastor tacos, and considered by many as one of the city’s best. The Spanish Harlem-based […]

Street Artist Fixes ‘27 Club’ Mural on Rivington Street

Friends don’t let friends have their murals tagged without recourse. For the “27 Club” piece on Rivington Street, it meant Hektad to the rescue. You’ll recall that earlier this month, a group of no-name taggers scrawled over the headshots painted by Eduardo Kobra. This action prompted a response letter from the community about how amateur […]