The Real Deal New York

Gordon Lau picks up LES buildings for $50M

Developer buys four new properties near his Bowery resi project

February 13, 2015 05:25PM
By Kyna Doles

From left: 149 Bowery, 116 Elizabeth Street, 169 Bowery

From left: 149 Bowery, 116 Elizabeth Street and 169 Bowery on the Lower East Side

Gordon Lau of Lau Management purchased four Lower East Side buildings for $50 million, according to property records filed with the city today.

Carlherman Realty Corp. sold two of the buildings at 116 Elizabeth Street and 132 Bowery for $25 million. The five- and three-story commercial properties are adjacent at the rear end of the buildings, with one entrance facing Elizabeth Street and the other on Bowery.

Fuss and Lieberman Realty Corp. are the sellers of 145 and 149 Bowery, two adjacent five-story buildings located between Broome and Grand Streets. The mixed-use buildings sold for another $25 million, records show.

In Dec. 2013, the Department of Buildings approved plans for Lau to convert and enlarge a five-story residential building at 169 Bowery, just one block from his newly acquire properties.