Brack buys Bowery townhouse
July 14, 2008 01:38PM
By Adam Pincus
185 Bowery
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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Comments
Anonymous
Great. More bullshit condos for rich Eurotrash while we, life long residents of the LES suffer and loose our neighborhood. Thanks Real Estate pigs and THANK YOU to the New Museum. Really great to have you.
Comment #1 Posted By: Anonymous 07/15/08
Anonymous
Yeah, thanks to Community Board 3 for selling us out of our homes and businesses, while they profit. Stop the rezoning before its too late!
Comment #2 Posted By: Anonymous 07/16/08
Anonymous
This is the end of a community..How many hotels does NYC need? How many hotels can the fragile infrastructure of this island city handle? If there is a drought will the Croton Reservoir really be able to deal with the water needs of all these hotels? Can that corner of the Bowery deal with traffic stopping in front of a hotel. Wake up this is a huge traffic nightmare already being a main road from Brooklyn..Our sewers and power grid can they handle all this new building. What is the environmental impact??
Comment #3 Posted By: Anonymous 07/16/08