The Real Deal New York

Investors assemble Bowery properties for $45M

Buyers do two separate deals in 1031 exchange
By Rich Bockmann | December 05, 2014 01:00PM

A group of investors paid a total of $45 million to assemble a handful of low-rise buildings on the Bowery currently housing lighting-supply stores, property records show.

Max A. Hansen and Associates, a Montana-based law firm, purchased the five buildings stretching from 134 to 142 Bowery on behalf of a group of 1031 investors, according to a representative for the firm who declined to comment further.

Seller Henry Chen purchased the first two buildings, at 140 and 142 Bowery, in 2009 for $13.5 million, property records show, and had filed building applications to put up an eight-story residential structure with 28 units.

The building never came to pass, and Chen parted with the properties for $21.1 million, records show.

The second set of buildings, stretching from 134 to 138 Bowery, were purchased for $24 million and sit in an area that has seen increasing investment activity as of late. The seller was 134-8 Bowery Corp.

The buildings are all two- and three-story structures. Combined, the properties allow for nearly 77,000 square feet of buildable space.

Doing business under associated LLCs, Hansen and Associates has purchased numerous properties in Manhattan, Queens and Brooklyn on behalf of investors over the past dozen or so years.