These days you won’t find any bums on Bowery. Fierce competition between investors and a lack of inventory have sent prices for new and redevelopment sites on the street soaring. [more]
Posts Tagged ‘Bowery’
The West Village may have been the most in-demand Manhattan neighborhood for would-be renters last week, but the searches for listings along the Bowery more than doubled from previous weeks, according to Zumper, an apartment listings website.
Despite the Bowery’s surge in popularity, it did not crack the top five. The ones that did were the Upper East Side, East Village, the Upper West Side and Chelsea. When it comes to apartment size, one-bedrooms smoked the competition, with 42 percent of the leads and a median inquiry of $2,375 per month. Next, two-bedrooms had 33 percent and $2,800, followed by studios with 20 percent and $2,100 and three-bedrooms with 5 percent and $5,150, according to Zumper data. [more]
UPDATED, 3:18p.m., May 22: Westchester-based developer Caspi Development, in partnership with Ultimate Realty, is in contract to purchase a seven-story office building at 161 Bowery. The firm intends to turn the property into the neighborhood’s first office space for modern technology tenants.
Caspi will pay $12.75 million for the 15,984-square-foot building between Broome and Delancey streets. Joshua Caspi, a principal with the firm, told Real Estate Weekly that the property is slated to be renovated into full-floor office lofts and ground-floor retail.
Two exhibits exploring the connection between Chinatown and its residents are open through Sunday at The Museum of Chinese in America on 215 Centre Street. [more]
Manhattan-based developer Urban Muse is planning a 13-story mixed-use residential project at 347 Bowery in East Village, the latest development in the works along the busy, rapidly changing street. [more]
Several retail stores on a stretch of the Lower East Side’s Clinton Street are being shuttered to make way for residential development. The latest store located on the one-story row of retail at 52-60 Clinton Street is Community 54, a streetwear brand that opened at the location in 2011 and has played host to hip-hop stars such as Soulja Boy and A$AP Rocky. [more]
UPDATED, 3:31 p.m., Dec. 27: A three-story commercial building in Little Italy that houses New Generation Lighting hit the market for $10.2 million.
Ryan Winchester and Yagnesh Vangala of commercial brokerage Itzhaki Properties, who has the listing, is marketing the site at 144 Bowery at Broome Street for development. The building is vacant besides the ground-floor lighting retailer, though it can be delivered empty. The lot allows for about 16,000 square feet of buildable space. [more]
Amid ongoing legal troubles, landlord Gordon Lau is moving forward with plans to convert and enlarge a five-story tenement building at 169 Bowery, between Delancey and Broome streets, in the Lower East Side.
The city Department of Buildings issued permits on Tuesday for the project, which would add 6,000 square feet for roughly $500,000. A “horizontal and vertical extension” would create two more floors to allow for 10 units. The apartment space would be expanded to nearly 15,000 square feet; there will also be 2,585 square feet in commercial space at the site. [more]
The owners of a prominent budget hotel on the Bowery are suing one of their longtime tenants for being too trigger happy when it comes to suing them.
The Whitehouse Hotel’s owners said in their suit that they have spent over $200,000 defending themselves in court cases brought by Roland Davis, who sues “purely out of spite, ill will and in bad faith.” The hotel at 340 Bowery– which rents out tiny rooms for $30 a night — is seeking a court order that requires Davis to get approval before filing further suits on his own. [more]
The Paris-based Louzon Hotel Group, which bought the Salvation Army shelter building at 347 Bowery two years ago for $7.6 million, has sold the property for $19 million, the LoDown blog reported.
Louzon at one time planned a Gene Kaufman-designed boutique hotel in the spot. The new owner, Glauco Lolli-Ghetti, principal at privately held real estate firm Urban Muse, inked the deal on June 21, including a mortgage of $16.3 million. [more]
Neighborhood groups in the Bowery are pushing city officials to impose height restrictions on new developments on the street’s east side, and their campaign is increasingly gathering steam, the New York Observer reported.
In order to preserve the character and visual makeup of the area, the groups aim to cap building height to 85 feet on the eastern side of the street, akin to the restrictions that are already in place on the western side. “To do justice to the Bowery, you really need to do justice to both sides of the street,” Kerri Culhane, an architectural historian and the associate director of Two Bridges Neighborhood Council, told the Observer. “I think the planning commission at this point has not considered the Bowery as a whole.” [more]
In what some would call a final blow to the Bowery, trendy fashion retailer Intermix will move to the street, Bowery Boogie reported.
The designer clothing purveyor will join other recent higher-end additions to neighborhood, such as Anthropologie and Patagonia, that have furthered the gentrification of the once-gritty strip, Bowery Boogie points out. [more]
The Bowery has been included in the State Register of Historic Places, DNAinfo reported, giving support to neighborhood groups who seek the street’s inclusion in the National Register of Historic Places.
But unlike historic districts in the city, the designation carries no weight in protecting buildings from alteration.
“The Bowery nomination is unique — it not only recognizes the architecture and cultural history of the street, but it acknowledges the earliest planning history of New York,” historian Kerri Culhane, who wrote the Bowery’s 171-page nomination, said in a statement.
“By extension, the Bowery nomination should be used as a planning tool to help guide better planning, zoning… on this vibrant and dynamic thoroughfare, which continues to make history today.” … [more]
Once known as the “lighting district,” the stretch of Bowery south of Houston Street is losing the shops that contibruted to that nickname. The Wall Street Journal reported that since 2000 the area has dropped one-third of its light fixture businesses — bringing the total to 20, and two more are set to close — while rents have more than doubled from between $30 to $50 per square foot to about $100 in 2011.
Like similar “districts” on the Lower East Side, including the restaurant supply businesses that lined the sidewalks between East Houston and Delancey streets, glassy new development has pushed out iconic shopping areas. And at the market’s peak many developers simply made offers to acquire real estate that lighting store owners couldn’t refuse. … [more]
The 18-story Wyndham Garden Hotel is approaching completion at the intersection of the Bowery and Hester Street in Chinatown. Though the structure is already topped out and much of the glazing is in place, the renderings give a clearer idea of how it would ideally look, and that is none too promising.
The base of the building, at 91-93 Bowery Street, glazed and framed with masonry, occupies its lot completely. But then the structure rises up as a series of modest setbacks away from the Bowery and culminate in a fairly unimaginative summit defined by two balconies on different levels, as well as a sequence of columns, all cast in a stridently modernist idiom. This summit in turn is capped by a masonry-clad mechanical core.
Despite meeting with preservation advocates April 12 to hear concerns about redevelopment, Arun Bhatia, the new owner of 35 Cooper Square, a centuries-old property near the corner of East 6th Street, has decided not to preserve the structure, according to DNAinfo.
Bhatia bought the three-story 1825 village rowhouse late last year for $8.5 million and submitted an application for demolition in March, angering neighbors and inspiring a campaign against the destruction led by the Bowery Alliance of Neighbors. … [more]
Paris-based Louzon Group has officially completed its purchase of the old Salvation Army Residence at 347-349 Bowery for $7.6 million, Eastern Consolidated announced. The Louzon Group will now go ahead with its plans to replace the vacant three-story building with a 72-room boutique hotel and restaurant, designed by architect Gene Kaufman, who just unveiled a rendering of the building. In 2009, the building was targeted for conversion into a high-end sushi restaurant and nightclub, but those plans got derailed over community complaints. [Curbed] … [more]
The former site of a Salvation Army shelter at 347-349 Bowery is slated
to become a 65-room boutique hotel and restaurant. According to the
Post, the Paris-based Louzon Group has purchased the corner building at
East 4th Street for $6.7 million, tapping Gene Kaufman as the architect. The building, which is now vacant, was targeted for conversion into a
high-end sushi restaurant and nightclub in 2009, but those plans got
derailed over community complaints, Curbed reported. … [more]
Residents of the Whitehouse hotel were slated to go to housing court yet again today, according to a Curbed tipster. Longtime tenants are taking buyouts, and the remaining residents are heading to court, and, in what seems to be a regular occurrence, meeting with representatives from the Cooper Square Committee and Manhattan Legal Services. Hotel developer Sam Chang has been eyeing the decrepit building, which used to be known as the Bowery. [Curbed]
The Boutiques on Bowery is coming to the ground-floor retail space at
the 15-story condominium 52 East 4th Street on Feb. 1. The flea-market
type shop is currently looking for new designers to fill 36 booths in
the space and will replace the seasonal Bowery Bazaar, which opened
temporarily in November. According to the Boutiques on Bowery Web site,
the Boutiques on Bowery will feature various new designers selling
women’s clothing, dresses, sweaters, men’s suits, hats, scarves and
vintage jewelry. It will also include a Brazilian coffee shop called
O-Cafe coffee bar. [EV Grieve]