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Bowery’s Salvation Army Building Sold for $19M; 325 Bowery Also Sold

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The Louzon Hotel Group, which acquired the shelter building at 347 Bowery from the Salvation Army a little over two years ago for $7.6 million, has sold it to for $19 million, according to city land records filed this morning. At one time, Louzon, a French company, had planned a Gene Kaufman-designed boutique hotel there. In an apparently unrelated transaction, 325 Bowery just down the block also changed hands.

 

347 Bowery, at Fourth St.
347 Bowery, at East Third Street

The shelter building’s new owner is Glauco Lolli-Ghetti, the principal at Urban Muse, a privately held real estate firm that “acquires, develops, repositions, operates and brands” both commercial and residential real estate. The deal, which was inked June 21, included a mortgage of $16.3 million.

(Lolli-Ghetti was featured in The New York Times in December 2011, when his 11th-floor Chelsea apartment, which included a 300-square-foot “sky garage” to house his Range Rover, went on the market for $7 million.)

In the second transaction, also dated June 21 and recorded this morning, the building at 325 Bowery, on the corner of East Second Street, was acquired by the Atlas Capital Group for $9.25 million, according to documents.

It’s been a busy summer in real estate transactions on the Bowery. A portfolio of 11 mixed-use buildings within a few blocks of the Salvation Army building were sold in a $62 million deal last month.

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