144 Bowery is on the Market for $10.2M, Ready for Development

Posted on: December 27th, 2013 at 5:36 am by
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Time might be limited for New Generation Lighting on the Bowery. Word just came down the pike that 144 Bowery is on the chopping block for $10.2 million. Itzhaki Properties is the exclusive broker for the property.

The three-story commercial building, located in the swiftly-vanishing lighting district, is otherwise vacant except for the ground level. It’s being pitched as a “a great opportunity” for development, and can reportedly be delivered fully vacant. Or, in layman terms – probable demolition and upscaling. According to the real estate listing, the lot has a 6.0 FAR allowing for some 16,000 square-feet of buildable space. Uh Oh.

“The property is situated on an emerging commercial corridor and given the favorable market dynamics it is a great opportunity for groups looking to pursue development opportunities in the area; we sense that there is going to be an increase of transaction activity in the region,” said Itzhaki broker Ryan Winchester regarding the property.

Late to the party…

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Bowery at Broome in 2010, Photo: LuciaM

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