This Bowery Building with Invader Mosaic Traded for $9.8M

Posted on: September 28th, 2016 at 5:12 am by
This image has been archived or removed.

The six-story building at 84 Bowery in the Chinatown diamond district just traded hands for $9.8 million. A “private investor” purchased the property from Richard Shongut Realty Corp; the paper trail is not public.

The transaction comes with the admission that the investment opportunity won’t yield suitcases full of cash in the immediate future. Indeed, it’s revealed that the 14,250-square-foot building comes equipped with an ongoing long-term lease at substantially below-market rent. That of the Royal Jewelry Center on the ground and mezzanine levels.

“The deal was challenging because it required an extremely patient and knowledgeable investor willing to accept a minimal yield for an extended period of time,” Eastern Consolidated broker Peter Carillo said in a statement. “However, the new owner will be able to recognize substantial upside upon the expiration of the lease. Floors two through six consist of offices leased to medical professionals and additional office space is available on the lower level. The ground floor and mezzanine are occupied by a jewelry store. The property also enjoys 25 feet of frontage along the Bowery as well as 2,700 square feet of unused development rights.”

The latter air rights are certainly the most valuable here.

The last big news about this particular property was when street artist Invader embedded one of his beloved 8-bit mosaics above the lintels in November 2015. Or four years ago when Royal Jewelry fell victim to a morning heist.

This image has been archived or removed.

Invader at 84 Bowery, November 2015

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