77 Bowery Currently Up for Auction with Opening Bid of $5.5M

Posted on: November 17th, 2014 at 6:00 am by
This image has been archived or removed.

The seven-story East West Bank building on the Bowery is amidst a transitional period in its life span. Jonathan Zamir’s Keystone Equities purchased the commercial office building in December 2012 for $20 million, and is now selling it off piecemeal. The ground level condo went to a “private investor” back in June for $12.5 million. It remains on a long-term lease to the aforementioned financial institution.

But now the remaining five floors at 77 Bowery – all of which are vacant – are up for auction. And the powers that be are apparently trying to get the word out with a ginormous banner on its southern facade. Bidding for the property kicks off later today with an opening ask of $5.5 million; the auction closes on November 19. This building seems cursed so the move makes sense.

Eastern Consolidated is teaming up with Auction.com for the transaction.

Auction.com and Eastern Consolidated present the opportunity to acquire a vacant class B+ commercial building comprising of 7 floors of office space located in Lower Manhattan, NY. The sale includes a commercial condo building (floors 2-8) which totals 27,711 GSF and comprises of seven floors of raw office space which can be separated into several individual office condos. The property was built in 1940, was renovated in 1992 and received some slight cosmetic upgrades in 1998. The ground floor retail level is currently on a long-term lease to East West Bank and is not included in this sale. The retail is owned by a private real estate investor who acquired it in June 2014. The property is located near the intersection of Bowery and Canal Street in a dense urban area on the edge of the Soho submarket near Chinatown. Similar commercial condo product surrounding the subject property is primarily comprised of comparable multi-story early 20th century construction buildings lining Bowery and Canal St.

Recent Stories

DOT Reinstalls Chinatown Bilingual Street Signs

The Department of Transportation yesterday began replacing bilingual street signs around Chinatown that had been removed for reasons such as damage or construction projects. Crews showed up early on Mott Street to install a missing sign at the corner of Mosco, then proceeded to other spots in the neighborhood. The bilingual street signs first appeared […]

After 120 Years, Future of Parisi Bakery Looks Uncertain on Mott Street

Parisi Bakery, an institution in Little Italy dating back to the turn of the last century, appears to be on shaky ground. The landlord (May Leun Realty) last week taped an official Notice of Termination to the shuttered roll-down gate at 198 Mott Street. Seemingly signaling the end an era. The letter noted a cancelation […]

The Push to Save New York Eye and Ear Infirmary Building, as LPC Stalls

With plans to close the 165-year-old New York Eye and Ear Infirmary building on Second Avenue, demolition is likely the next step. Preservation-minded groups have been lobbying the city to save the building from possible destruction. Led by Village Preservation, the organization sent a Request for Evaluation letter to the Landmarks Preservation Commission on April […]

Excavation Underway on Affordable Grand Street Guild Towers

Work is officially underway on two new towers adjacent to the Williamsburg Bridge. On-site excavation has been ongoing for several weeks at Broome and Clinton Streets, yielding plenty of dust and noise for neighbors. Earlier this year, demolition crews razed the two-story parking garage and Little Star early childhood center in the shadow of the […]

Mr. Fong’s Owner Plans All Day Cafe on Hester Street

Another day, another principal of Mr. Fong’s starting a new Lower East Side venture. Aisa Shelley – who co-founded the Chinatown hotspot with Lucas Moran, Noah Shelley, Daniel Eric Gold and Adam Moonves – is headed to 61 Hester Street. The long-inactive storefront previously occupied by L’estudio. There, Shelley will impart an “all day cafe” […]