Caspi Development Looks to Flip 135 Bowery for $25M

Posted on: July 13th, 2017 at 5:00 am by

It’s quite sad that 135 Bowery has gone from historic Federal-style row house to little more than another Lower East Side speculative property. Its current owner of roughly two years – Caspi Development – is now looking to unload the property for $25 million. If the price is right, that’s a $9 million profit.

Cushman & Wakefield is the exclusive broker of 135 Bowery. Below is an excerpt of the broker-babble. The “high end restaurant” mentioned in the copy is Tang Hotpot, an offshoot of the East Village noodle bar, The Tang.

With approximately 21,308 rentable square feet across single floor retail and office units, the subject property represents an ideal opportunity for an investor to acquire a newly built mixed-use office building with stable in-place cash flow in a rapidly growing neighborhood.

The 8 story building with two elevators consists of one retail unit on the ground floor with 20’ ceilings plus a mezzanine, as well as seven full-floor office units with 10’ slab-to-slab ceiling heights above.

The retail space is leased to a soon-to-open, high-end restaurant owned by an established New York restaurateur. Six of the seven commercial units are occupied, leaving the penthouse unit vacant for potential purchasers to either occupy themselves or lease. 

The turn-key, loft office spaces are fitted with reclaimed wood details, custom kitchenettes, conference rooms, and efficient LED lighting. 135 Bowery has been WiredScore Certified Silver ensuring its data infrastructure will more than meet the demands of New York City’s growing tech tenant base. Demand for full floor office space has skyrocketed as a result of the recent workplace shift to open collaborative floor plates, especially within the creative and tech sectors. Each unit is individually metered and contains its own HVAC package unit, and two of the units feature private outdoor space.

As chronicled, 135 Bowery was previously home to a wood-framed, Federal-style row house dating to 1818. Unfortunately, the de-landmarked structure was leveled in 2011 (thanks to Councilwoman Margaret Chin), leading to construction of the eight-story office building now on the block. Developer First International Bank initially intended to use much of the space for its offices, but unsurprisingly backed out and sold out.

Caspi Development acquired the rebuilt property for $16.2 million in October 2015, and bet big that this nook of the Bowery would become a high-tech sibling of Astor Place (it’s not fuckin’ Midtown South). Not so much, it seems.

Recent Stories

East Village Artist M. Henry Jones, Contemporary of Keith Haring, Dies

M. Henry Jones, a member of the East Village arts scene for over forty years, died last week (either June 16 or 17) at the age of 65. We’re told, though unconfirmed, the cause of death was a form of cancer. Jones was a neighborhood fixture for decades, in part, because of his storefront studio […]

Under the Floorboards at Long-Vacant East Houston Lot

Bereft of substantial activity in nearly two decades, the long-vacant parcel at 49 East Houston Street is in deterioration overdrive. An eagle-eyed tipster notes that the floorboards atop the existing foundation are now busted. Creating a pseudo entryway into the cellar level. Before its demise fourteen years ago, 49 East Houston had been a one-story […]

Developer Begins Demolition of Rutgers Street Playground for Temporary Parking Lot

Demolition work began this week on a Lower East Side park that is a focal point in the tension between the community and developers on the waterfront. The backhoes are out and job now underway at Rutgers Park, the small public space beside the Lands End II residential development. Removal of the playground began yesterday, including […]

The 3 Lower East Side Walk-ups that Sold for $35M

Earlier this month, we reported that SMA Equities, the Long Island real estate firm with controversial history on the Lower East Side, sold a portfolio of its area properties. SMA unloaded three tenement walk-ups to Daniel Fishman of GAIA Real Estate – 102 Norfolk Street, 177 Ludlow Street, and 99 Allen Street – for an […]

H&M Debuts Pop-up Hotel on the Bowery this Weekend

Fashion retailer, H&M, is headed to the Lower East Side this week with a pop-up hotel concept. Starting tomorrow, prospective guests can access the so-called Hotel Hennes via the eponymous 3 Freeman Alley. The three-day publicity stunt will be open through Saturday, from 2 to 9pm. Guests will be able to check in for an […]