A family trust has sold a portfolio of 11 properties on the Bowery, stretching from East Houston Street to Canal, for $62 million. As EV Grieve noted, the large transaction was reported in this morning’s print edition of the Wall Street Journal, although it hasn’t been posted online. The new owner is Joseph Betesh of Milestone Equities.
The properties are located at 83, 85, 88, 103, 105, 219, 221, 262, 276, 280, and 284 Bowery. All together, they include about 140,000 square feet “above grade.” The buildings are not adjacent but many of them are clustered. The properties have been controlled by the family trust since the 1930’s.
“For the most part it was a retail-driven portfolio where a lot of the retail expires in the next few years,” Massey Knakal’s John Ciraulo told the Journal. The firm represented the seller. Faith Hope Consolo, who heads Douglas Elliman’s retail division, added, the Bowery “is the place to be.” She expects rents to rise to $325 per square foot in the area five years from now. Right now they’re $175 per square foot.
The transaction includes 282 Bowery, where Keith McNally’s Pullino’s is located. Betash owns Dr. Jay’s, the hip hop clothing retailer.