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LES Market Watch

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Our weekly perusal of real estate in the neighborhood takes us first to the Bowery – 207 Bowery to be exact, where $15 million will make you Congee Bowery's landlord – and so much more. The restaurant is one of four commercial spaces in this 7 story building near Rivington Street. There are also four residential units and offices on two floors. The listing calls this property a solid income producer. The current owner brings in more than $900,000 in rent. Operating expenses are $160,000/year.

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The Lee Building, at 133 Pitt Street, is now accepting applications for over 130 studio apartments. Monthly rent: $640. This "green building" is a project of "Common Ground," an organization dedicated to ending homelessness and providing affordable housing. In order to be eligible, each applicant must have an income between $21,945 to $32,280. Applicants who make less than the minimum may qualify if they have a housing subsidy (like a Section 8 voucher). The Lee is seeking at least some residents with special needs. Common Grounds has more information on its web site. Incidentally, this is the former site of the Boys' Club of New York Milliken Clubhouse.

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