Emmut Properties buys Nolita dev site for $47 million
Developer plans a 46-key hotel with 21 residential units
Emmut Properties picked up a five-building assemblage on the Bowery in Nolita, paying $47 million.
A group 1031 investors represented by Montana-based law firm Max A. Hansen paid a total of $45 million last year for the set of two- and three-story lighting supply store buildings stretching from 134 to 142 Bowery.
Plans were filed last month to build a 47,000-square-foot mixed-use building on the site. That structure, to be called 138 Bowery, will house 46 hotel rooms and 21 residential units, property records show. Schneider Structural Engineers is the architect of record.
Demolition permits for the site were filed in April.
The Hell’s Kitchen-based Emmut recently sold the Korea Village shopping center at 150-24 Northern Boulevard in Flushing to Korean media mogul Jae Min Chang’s Korea Times, banking $27 million. Back in 2013, the developer sold a Harlem church, at 145 Central Park North, to Belgium-based Einhorn Development for $16.5 million, which, at the time, was believed to be the highest per-square-foot price ever paid in the area.
A representative of Emmut wasn’t immediately available for comment.