Here’s a followup on this past Friday’s story concerning 135 Bowery. The 8-story commercial building is now listed on Massey Kankal’s website for $20 million.
The site was previously home to a 194-year-old federal row house. First American International Bank, the property owner, opposed the Landmark Preservation Commission’s decision to protect the building. They prevailed in overturning the landmark desiognation, with the help of City Council member Margaret Chin. The bank argued that the historic structure had been significantly altered from its original condition and was not worth saving. Chin said she was swayed by the bank’s promise to replace the row house with a commercial building offering desperately needed affordable office space. Last week, bank executive Patrick Yau told us the call was made to sell the just completed building because the bank decided against using part of the property for its own offices. He confirmed that an agreement was struck with Council member Chin to devote the third floor to community facilities, with rents set 20% below market rate prices.
When we reported the story Friday, the listing had not yet gone live but now it’s on the broker’s site. Have a look:
135 Bowery is a newly built 25’ wide, 8-story, approximately 17,265 square foot commercial building with two elevators. Located on the east side of Bowery between Grand and Broome Streets, the property consists of a retail store on the ground floor with 20’ ceilings plus a mezzanine and seven (7) floor-through commercial units with 10’ slab-to-slab on each of floors 2-8. This handsome newly constructed building will be delivered vacant, as a ‘white-box’, fully to code with HVAC package units on each floor and separate gas and electric meters. As the Bowery emerges as one of New York City’s most vibrant new boutique neighborhoods, 135 Bowery sits in the epicenter of this transformation. Please note that The Building’s Certificate of Occupancy will have a requirement that the third floor be utilized for community space as an ambulatory health care facility, which includes physicians, dentists, psychiatrists, psychologists, social workers, physical therapists, etc., licensed by the State Department of Education. This property is a great opportunity for a retail, office, or community facility user headquarters.
The third floor space is about 2100 square feet. According to the listing, the projected rent would be around $7,000/month or $40 per square foot. In comparison, a space the same size on the fourth floor is projected to go for $8700/month or $50 per square foot. The ground floor retail space is projected to lease for $150/square foot.
For more background on the fight for 135 Bowery and to read about the bank’s perspective on the new property, have a look at our previous story.
You made an error in the calculation of the rents. The square foot number is for annual rent not monthly.
For example: The third floor space is projected to rent for $7,013 a month not $84,160 which is the projected annual rent.
Thanks for pointing that out. It’s been fixed.
I guess we’re supposed to be grateful. Not bloody likely. What a rip-off! The City should ask Margaret Chin for it’s tax-break money back.
Patrick Yau and his good friend, Margaret Chin, really pulled a fast one! This was never about ‘affordable ‘ office space!
This was about destroying a unique piece of NYC history, building a new piece of sterile junk, and then making a killing by selling it for $20 million!
Just remember- when Margaret Chin tries to do this kind of thing again – Don’t believe her!
Why is the “affordable” community facility located on the third floor and not the retail? Most new developments that benefits from tax breaks must desginate the ground floor to be a community facility. I guess Margaret Chin had something to do with that as well.