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This image has been archived or removed.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

Ed Higgins Gets ‘Mail Art’ Retrospective at Van Der Plas Gallery on Orchard Street

Fresh off featuring his art in Ludlow Coffee Supply, the Van Der Plas Gallery of Orchard Street is now dedicating a full artist retrospective to the late Ed Higgins. Higgins, known as a pillar of the “Rivington School” movement in the 1980s Lower East Side, and for his unique “Mail Art,” died last December at […]

Hypebeast Officially Announces its Division Street Conquest

Hypebeast is hyped for the Lower East Side. The Hong Kong-based fashion and lifestyle publication, Hypebeast, is moving to the seven-story commercial loft building at 41-43 Division Street in due course. A vinyl banner stretched across the frontage announces the forthcoming arrival. Plans for the 21,000 square-foot space, and its conversion, have been in the works […]

Chinatown Garment Industry Hanging by a Thread

Once a hub of manufacturing for the city’s garment industry, there are only a few remaining factories in Chinatown from a peak in the hundreds. The localized industry, which once employed thousands of immigrant women and men, sparked an area restaurant boom in the 1970s. Yet, began to decline in the late 1980s when manufacturers started […]

Residents Unite Against Developer Plans to Swap Park for Parking on LES Waterfront

Residents on the Lower East Side waterfront may soon lose more publicly accessible outdoor space. The developer of a new super-tall plans to reduce a children’s playground to a parking lot. As excavation work commences on Chetrit Group’s 70-story, twin-towered development at 265 South Street, tenants in the adjacent building – Lands End II – […]

Chinatown Homeless Murder Suspect Still Awaiting Trial

More than two years since the horrific murder of four homeless men in Chinatown, the suspect has yet to be held accountable for the crimes. In the early morning hours of October 5, 2019 Randy Santos stalked, then allegedly bludgeoned to death Cheun Kwok, Anthony Manson, Florencio Moran and Nazario Vasqez-Villegas while asleep on the streets. In […]