171 Bowery ‘Development Site’ Hits the Market for $12.5M

Posted on: May 25th, 2016 at 5:00 am by
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“OBEY the future; Join the most exciting avenue in NYC.”

That’s the proclamation from a new real estate listing circulating for 171 Bowery. The four-story tenement building, located just south of Delancey Street (and across from the ascending CitizenM monstrosity), is now on the open market as a $12.5 million “development site.”

Jan Sasson of the Sasson Property Group is the exclusive agent for the property.

And guess what’s being used to help sell this property. Shepard Fairey’s two-year-old “We Own the Future” mural down the block.

More building stats lifted from the press release:

  • 15,390 Sf of buildable space (FAR) above ground. As of right.
  • 2,565 Sf Lot/ 21X126 /6 FAR
  • Additional bonuses: .5 for C/F. mechanical, dormer, arcade or open space could add substantial FAR to the project.
  • C6-1 zoning lends flexibility of use. Condo, hotel, commercial, residential mixed-use or private townhouse, are all acceptable under the current zoning.
  • No Absolute height restrictions on the east side of Bowery. (It’s not protected like the west side with the “Special Little Italy District” zoning.)
  • Wide street allows for generous sky-plane exposure setbacks.
  • Open western exposure for great light.

According to the marketing materials released by Sasson, each of the leases at 171 Bowery – that includes retail and the three market rate apartments – conclude February 28, 2017. So, get ready for some major demolition and re-development here.

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Concept drawing for 171 Bowery, Photo: Jan Sasson

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