Faerman Cash Registers Cashed out of the Bowery with $5M Sale
The Faerman Cash Register Company is finally cashing out of the Bowery. After nearly a year on the market without incident, 159 Bowery traded hands late last month for $5 million ($1,175 per square-foot).
The property is zoned for retail on floors one and two, with a large loft apartment on floor three. There are also 10,400 square-feet of buildable air rights, which was likely the selling point, especially due to the lack of height restrictions on the east side of the Bowery (as opposed to the Special Little Italy District opposite).
Buyer of record is Barry Lipsitz of the Lipsitz Property Group.
The transaction was the first sale of the three-story building in over fifty years. It had been in the Faerman family for decades, since 1965. But the cash register company itself dates back even further at this location – back to 1910 when the Third Avenue El still darkened the block. That’s when Faerman and his brother started it all, after emigrating from Poland. His son Bernard would later take over upon returning from the European front – a veteran of D-Day – following World War II.
Bernard bought 159 Bowery for $75,000, giving the business a permanent home, where he sold and repaired the machines. His son Brian eventually joined the team as a third-generation owner and continues to run the store. WNYC reported in 2012 that the younger Faerman, now in his fifties, spent his “entire life in the cash register business.”