Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.