Penthouse Sale at 250 Bowery Sets Record at $3.9 Million

A penthouse unit at 250 Bowery. Photo via Instagram.

The Bowery continues to lure apartment buyers with deep pockets.  The Real Deal reports that a penthouse unit at 250 Bowery, the new project by VE Equities, is in contract for $2500 square foot, or about $3.9 million.  Douglas Elliman broker Fredrik Eklund announced the pending sale on his Instagram feed, saying it set a record on the Bowery. Appraisers seemed to agree that the deal surpasses any other sale on the Bowery, at least in the past six years.

Morning Reads: More on Pink Pony’s Demise, LES is Safe Just Like Iceland, Galleries Losing Cutting Edge?

The closure of Pink Pony is yet another indication that skyrocketing rents are killing local, authentic businesses (Daily News).

New York’s worst neighborhoods for crime; LES dubbed as safe as Iceland (Post).

Are Lower East Side galleries losing their “avant garde” street cred to, gasp!, the Upper East Side? (Gallerist)

Sizing up the candidates for Public Advocate, including our own State Senator, Dan Squadron (Capital).

In search of an afternoon quickie?  Two LES hotels have you covered (EV Grieve).


NYCHA’s Margarita Lopez: Luxury Housing Plan is Not a Done Deal

Residents of the Smith Houses packed a gymnasium on Madison Street last night for a tense “emergency tenant meeting” to discuss the New York City Housing Authority’s plan to lease some of its property for luxury development.  They were greeted by NYCHA board member Margarita Lopez, who struggled to tamp down what she called “rumors” concerning the proposal.

A week ago, the Daily News reported that the cash-strapped agency would release an RFP (request for proposals) next month seeking developers for parking lots, playgrounds and other spaces at eight of its developments, five of them on the Lower East Side.  The new construction, the News reported, would consist of 80% market rate housing and 20% affordable housing.  Around $50 million in expected annual revenues would be plowed back into the public housing developments, which require billions in repairs and upgrades.  On the LES, Smith, as well as the La Guardia Houses, the Baruch Houses, Meltzer (senior housing) and Campos Plaza (on East 12th Street) would be impacted.  Many of the details in the newspaper report matched up with very general briefings given to members of the City Council and tenant leaders in the past month.

Good Morning!

Hester street park

Looking west at Essex Street and beyond after this past weekend’s winter storm. Photo by Bahram Foroughi.

Partly cloudy this morning with rain showers expected in the afternoon and a high of 41.

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