The Real Deal New York

Brack buys Bowery townhouse

July 14, 2008 01:40PM
By Adam Pincus

 
Brack Capital Real Estate paid $8 million for a 7,400-square-foot commercial townhouse at 185 Bowery, giving the company four adjacent lots near Spring Street in the Lower East Side restaurant supply district.

The company, which is developing condos and hotels in the city and owns property worldwide, closed on the century-old, four-story building on June 30, according to city records published today.

Brack Capital declined to comment on the purchase.

The sellers were Jack and Magda Soffer, of Intersales Commercial Company in Bayside, Queens.

Magda Soffer said they were satisfied by the sale. “We got a good price,” she said.

She speculated that the buildings would be demolished for a new development.

Brack Capital also purchased 187 Bowery for $7.55 million on June 30, and last year it bought 189 and 191 Bowery for a total of $14.2 million. It does not control the corner lot at Delancy Street.

Philip Huang, a Massey Knakal Realty Services associate on the Lower East Side who was not involved in the transaction, said he had seen more sales activity since the opening in December of the New Museum for Contemporary Art at 235 Bowery.

He also said the proposed rezoning of the East Village and Lower East Side just east of the Bowery was also affecting the street.

“That probably makes development sites on the Bowery worth more,” he said.

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