Kinsmen Property Group picks up Bowery properties for $30M

The company now owns an assemblage that could unlock an 80K sf property

TRD New York /
Nov.November 21, 2018 08:30 AM

156-160 Bowery (Credit: Google Maps)

Kinsmen Property Group, a joint venture between Madison Group and State Building Group, bought a bowery property for $30 million.

The firm closed on a three-building package at 156-160 Bowery on Tuesday. The properties are low-rise buildings with a total of three apartments and three commercial units, according to city data. The 8,000 square feet of retail space in the buildings was previously occupied by home decor seller Lighting by Gregory.

Kinsmen already own the properties next door at 162-166 Bowery. With the acquisition, Kinsmen now owns an assemblage with 150 feet of frontage on the Bowery. The full assemblage is 99 feet deep and has a combined square footage of approximately 39,500 square feet.

“We’d like to realize the potential on these parcels and we’re considering innovative solutions that create opportunities for the community here,” Kinsmen Property’s Ari Zagdanski said.

Kinsmen said that there are no immediate plans for the properties. However, they are negotiating with current commercial tenants to extend their occupancy. The firm said that there are long-term plans to expand the site income capacity.

The seller is investor Joel Horowitz, who has owned the building since the early 1980s.

Kinsmen is funding the purchase with a $28 million mortgage from TD Bank. A JLL team of Keith Kurland, Jonathan Schwartz, Adam Schwartz and Aaron Appel arranged the debt.

Kinsmen’s other New York City assets include The Icon in Hell’s Kitchen and 62-64 Third Avenue in the East Village.


Related Articles

arrow_forward_ios
Placeholder image

New York City lifts lockdown for some Covid hot spots

New York City lifts lockdown for some Covid hot spots
518 Broadway (Google Maps)

Four years vacant: Landlord offers dire outlook for Soho building

Four years vacant: Landlord offers dire outlook for Soho building
Sam Chang and TownePlace Suites by Marriott at 324 West 44th Street (Google Maps)

Hotelier Sam Chang’s businesses snagged millions in PPP loans

Hotelier Sam Chang’s businesses snagged millions in PPP loans
Vornado CEO Steven Roth with 1535 Broadway and 220 Central Park South (Getty, VNO, Google Maps)

Vornado sees $100M retail JV loss, $190M in 220 CPS gains

Vornado sees $100M retail JV loss, $190M in 220 CPS gains
Gov. Andrew Cuomo (Getty, iStock)

Commercial eviction and foreclosure ban extended until January

Commercial eviction and foreclosure ban extended until January
The Manhattan office market’s overall vacancy rate rose to a 24-year high of 13.3% in the third quarter (iStock)

Cushman & Wakefield paints bleak picture for Manhattan office market

Cushman & Wakefield paints bleak picture for Manhattan office market
Travis Kalanick (Getty; iStock)

Travis Kalanick cooks up a real estate empire

Travis Kalanick cooks up a real estate empire
Nightingale's Elie Schwartz and Madison's Brian Shatz (Whale Square)

Nightingale buys Whale Square in Sunset Park for $84M

Nightingale buys Whale Square in Sunset Park for $84M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...