Bari Restaurant Equipment Lists Prince Street Building for Sale
On the Bowery for decades, Bari Restaurant Equipment is now unloading some property. The business recently placed one of its corner buildings on the market.
Following its purchase of 234 Bowery and 5 Prince Street in July 2016 for a combined $12.3 million, Bari relocated its manufacturing arm across the river to New Jersey. That was three years ago. Fast forward to present day, and the legacy supply company is ready to unload the latter.
The three-story mixed-use building at 5 Prince Street is now available as a development and/or conversion opportunity. No sale price is listed.
The property is comprised of 2 free-market residential loft units and a convertible ground floor. The entire building will be delivered vacant, therefore providing an investor with a prime value-add opportunity.
5 Prince Street is an ideal conversion/development opportunity for a developer or user buyer. The property has an additional 7,750 square feet of air rights available, thus it is possible to build on top of the existing structure for additional square footage or renovate the property as-is.
This news follows a couple months after Bari tested the waters with renting out the same space for upwards of $20,000 per month (see below).
Bari Restaurant Equipment is an area stalwart. The supply business was established in the 1940s by Nicola Bari, a radio repairman and purveyor of cheese graters. In the ensuing years, the focus shifted to restaurant supplies of all sorts, albeit with a focus on pizza ovens and refrigeration units. Their block-spanning flagship is a veritable gold mine, and gave the community a scare eleven years ago when the main building – about 67,000 square-feet of buildable real estate – was placed on the open market.
Bari owns the entire corner of Bowery and Prince, so an eventual sale as an assemblage would not be a total surprise…