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NEW YORK CITY-A six-story, 50-foot-wide loft building at 231 Bowery in Manhattan’s SoHo neighborhood was sold by Boho Corp. for $18.6 million. The property, located on the east side of Bowery between Stanton and Rivington streets, was on the market for more than four years.

According to a Massey Knakal Realty Services, who represented the seller, the “area was changing, which upped the price” which is why the seller chose to sell. “The price was right.” The source notes that the buyer is a Manhattan-based nonprofit, but could not provide further information at this time.

The source notes that more than 40 offers were received in 2008, adding that “there were a million reasons the property was on the market for so long.” The firm was first hired to sell the property in 2004 for $13 million. A buyer was obtained in 2005 above the asking price, “but the buyer and seller could not agree on the final details,” the source says, adding that they couldn’t agree on “the owner’s insistence that he remain a tenant for six months after selling the building.” The property then went back on the market at $14 million “and received several offers again, but the owner again insisted on staying six months and interested parties did not want to deal with this.” In the end, the source says, “someone was ok with it.”

The property is located next to the newly built New Museum of Contemporary Art. The fireproof loft building contains approximately 47,067 sf. With the exception of three rent stabilized artist spaces, the property will be delivered vacant six months from closing as the seller relocates. It sold for $395.18 per sf.

Massey Knakal broker Robert Burton says that “the construction of the New Museum has created a new optimism and vibrancy on the Bowery. This is one of the largest properties on the street and faces directly onto Prince Street, straddling the line between SoHo and the Lower East Side.”

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