Large Bowery parcel on market for $40M
January 12, 2009 12:45PM By Abby Luby
232 Bowery, part of the portfolio on the market
The market may be slow, but one of the largest parcels in the Bowery is up for sale, and its long-time owner is looking to cash in for $40 million.
"We put the word out in September," said Anton Bari, part of the restaurant supply store owners Bari family and owner of the properties, before officially putting it on the market in November. "We were inundated with calls and that was when the market was better than it is now."
On November 12, Bari decided to list the eight-lot parcel it has owned for about 60 years, with Massey Knakal Realty Services. Associate Nancy Guo is handling the listing.
The property includes seven storefronts on Bowery, and one on Prince Street, all two-story industrial buildings totaling about 67,000 square feet of buildable space. Twenty-three thousand square feet of that offers air rights.
Luxury hotels, trendy restaurants and upscale boutiques have been cropping up in the area over the last few years. The nearby luxury condo tower at 52 East Fourth Street, on the corner of Bowery and East Fourth Street and designed by Scarano & Associates, is expected to open in early spring. Last month, the 21-floor luxury Cooper Square Hotel at 25 Cooper Square opened, and this past fall, the New Museum of Contemporary Art had its first art exhibit in its new building at 235 Bowery between Stanton and Rivington streets. Whole Foods opened a year and a half ago on the first floor of Avalon Chrystie Place at the south side of East Houston Street between Chrystie and Bowery, and the Bowery Hotel opened two years ago at 335 Bowery.
"What's going on there now has inspired us to put the parcel on the market," Bari said. "There have been offers on the table since September and October but already people have backed out. We are still entertaining some offers but recently nothing new has come up."
Since the slowing market last fall, Bari has been renting its space "on a month-to-month basis and getting $10,000 a month for [a] gallery and $125,000 for [a] restaurant. The rentals look lucrative now."
"This is one of the largest projects on the Bowery. Anything else that has sold here is not comparable," said Massey Knakal's Guo. "Developers have shown great interest in the Bari parcel and we already have some offers but we can't say how many."
The Baris also own about four properties across the street, which they want to hold on to for their business.
"I don't want to move out of New York City -- this business has been here and been in the family for over 50 years," Bari said.
The Bowery, when it was skid row, with flophouses and multiple bars, is fast disappearing. But Bari sees some ironic similarities. "It's like going back 50 years when it was all bars -- but now the bars are coming back -- although they are on a very different level."
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Comments
Anonymous
yawn. keep dreaming Bari
Comment #1 Posted By: Anonymous 01/12/09
Anonymous
if the date on this story was 1/12/2008 he might have a shot..
Comment #2 Posted By: Anonymous 01/12/09
Anonymous
jackasses. They couldve had a sale in the $60mm range over a year ago, but theyre too smart for their own good. Go back and make the pizza idiots!
Comment #3 Posted By: Anonymous 01/12/09
Anonymous
typical old timer behavior - can't sell when price is going up - they should leave a nickel on table! - and now its too late.......
Comment #4 Posted By: Anonymous 01/12/09
Anonymous
Hey Guo - learn to coach your client to NOT talk to reporters - He said your offers have walked away! .....and they aint comin back soon.
Comment #5 Posted By: Anonymous 01/12/09
Anonymous
stop hating guys, you wish u had a pot to pee in Bari has millions in real estate !
Comment #6 Posted By: Anonymous 01/12/09
Anonymous
Missed the market. MISSED.
Comment #7 Posted By: Anonymous 01/12/09
Anonymous
i guess all my buddies who are living in the lofts on moth to month leases are safe
Comment #8 Posted By: Anonymous 01/12/09
The Bums Will Return
"It's like going back 50 years when it was all bars -- but now the bars are coming back -- although they are on a very different level." Yes, it's a very different level when you have to charge $12.50 for a drink in order to pay $125,000 every month for rent.
Comment #9 Posted By: The Bums Will Return 01/12/09
Anonymous
LMAO...stupid idiots, i will bet they wouldnt even be able to fetch half that amount now..."hello to any would be jackass buyer!!" wait another six months, you'll probably be able to get it for a cool 10 million.
Comment #10 Posted By: Anonymous 01/12/09
"heres..bari"
bari...yeah isnt that the restaurant supply house that sells you new kitchen equipment..at above market prices and then when you go under they send their partner in crime auctioneer to buy back the same equipment at 30 cents on the buck... and then once agian resell it to thr next sucker whom will pay top dollar once again to only go broke and do the same cycle over and over and over again its a good old nyc... broken record..watchout..they will do the same with w 2 stories..sucker
Comment #11 Posted By: "heres..bari" 01/12/09
Anonymous
this prop has been for sale for a decade... and always overpriced.
Comment #12 Posted By: Anonymous 01/13/09
Anonymous
$600/SF! These guys are fools....land prices are $100-$150 max!
Comment #13 Posted By: Anonymous 01/13/09
Anonymous
the chance of that happening is like Mickey Mantle returning from the dead
Comment #14 Posted By: Anonymous 01/13/09
Anonymous
There is always a sucker
Comment #15 Posted By: Anonymous 01/13/09
Anonymous
I had an offer of $36MM on the table 4 months ago for this guy...not a real seller.
Comment #16 Posted By: Anonymous 01/13/09
Losers Unite!
I love all these losers that get on here and yell at property owners telling them they'll never be able to sell their full city block in NYC. It's funny.
Comment #17 Posted By: Losers Unite! 01/14/09