The Real Deal New York

Event space at former Bowery Savings Bank hits auction block

It's the first time in 2 decades that the property has in the market
February 11, 2019 06:30PM

130 Bowery (Credit: Google Maps and Capitale NY)

The building that currently houses high-end events space Capitale — formerly the Bowery Savings Bank headquarters — is on the market for the first time in nearly two decades.

Wendy Maitland, who started her brokerage Atelier WM after being pushed out at Brown Harris Stevens, has the listing. The property, at 130 Bowery, will be sold through auction, starting Feb. 11, Bloomberg reported.

But the property won’t have an asking price.

“That’s the $65 [million] question,” Maitland told Bloomberg. “My instinct says it will certainly be in the fifties.”

Even as a softer market has led to more property auctions, Maitland said the current owners are not typical clients in this situation.

“I wouldn’t take the listing if I weren’t confident they’re serious sellers. That doesn’t mean desperate,” she said. “They’re based in Los Angeles, so this isn’t a core asset for them.”

The building spans 32,000 square feet and has been listed in on the National Register of Historic Places since 1980. It has 90-foot ceilings and marble-clad interiors. And the owners are open to selling it vacant so the space can be repurposed in a variety of ways, the report said.

The sale is in partnership with auction house Paramount Realty — which previously led a condo auction for 6 Cortlandt Alley. Founder Misha Haghani conceded the “the word auction does carry strong meanings,” but noted the company is focused on motivated sellers and not interested in holding property. [Bloomberg] — Meenal Vamburkar