Bowery Portfolio of 11 Buildings Sells for $62M

Posted on: June 11th, 2013 at 6:32 am by
This image has been archived or removed.

Just when maybe you thought Bowery gentrification might not get any worse, there’s this. Joseph Betesh (pka Milestone Equities), whose family owns the Dr. Jay’s streetwear empire, snapped up eleven Bowery properties between Canal and East Houston for $62 million. Chump Yup change. The Wall Street Journal broke the story yesterday in its print edition, but for whatever reason, neglected to place it online.

Nevertheless, the Observer elicited a prepared statement from Massey Knakal who brokered the sale.

The properties are located at 83, 85, 88, 103, 105, 219, 221, 262, 276, 280, and 284 Bowery. The buildings total approximately 143,230 above grade square feet with all air-rights intact. The properties are not contiguous, but nine of the 11 buildings are paired with an adjacent property…

These properties have been family owned since the 1930s which presented a rare opportunity for Milestone Equities to acquire a portfolio with tremendous upside.

Included in the portfolio are properties that house Keith McNally’s Pulino’s, numerous restaurant suppliers such as Chair-Up, and mom-and-pop Chinese businesses.

Recent Stories

Homeless Shelter for Chinatown Elderly Planned for East Broadway

Following a trend set during the pandemic, a former Chinatown hotel will soon be reborn as a homeless shelter. Nonprofits Asian Americans for Equality and Care for the Homeless have partnered to create the new “Safe Haven” facility, located in the former Hotel 91 on East Broadway. According to its FAQ mailer, the new safe […]

LES Father Charged in Toddler Son’s Death After Drugs Found in System

Police arrested a Lower East Side man yesterday in connection with the death of his 22-month-old son who had drugs in his system, according to the NYPD. The city’s medical examiner determined last month that the toddler – Charles Rosa-Velloso – suffered acute intoxication from fentanyl and cocaine. Police subsequently ruled it a homicide. Now, […]

Appeals Court Overturns Restraining Order that Halted East River Park Resiliency Work

The community-led effort to permanently halt destruction of East River Park for coastal resilience took a major blow this week. An appellate court ruled Tuesday that the $1.45 billion project can move forward after a month-long hiatus. On Tuesday, the Appellate Division, First Department upheld the lower court’s decision, and overturned the temporary restraining in […]

Delivery Worker Slashed and Mugged in Ridge Street Condo

A food delivery worker on the job was slashed across the face Sunday evening while in the elevator of a luxury condo building on Ridge Street, according to police. The unidentified victim, a 29-year-old man, had been in the elevator of 78 Ridge Street (Ridge Street Residences nee River Ridge Condo) when he was approached by […]

Under Community Pressure, City Moves to Renovate Rivington Playground

As Sara D. Roosevelt Park continues its steady descent, area stakeholders are pushing to rehabilitate a key playground in the northern section of the park to stave off the danger element. The Rivington Street Playground, situated across from the M’finda Kalunga Garden, is next on the docket for a refresh, much in the same way […]