Modell’s CEO Scoops up 249 Broome Street for $22.5M
The CEO of Modell’s Sporting Goods now has a $22.5 million stake in the Lower East Side.
City records show Mitchell B. Modell as the recent buyer of 249 Broome Street, which last changed hands four years ago. Modell acquired the six-story walk-up from Mark Silver through an entity called “M & M Broome Street LLC.”
Silver had spent the intervening time upgrading the multi-family tenement, rebranding 249 Broome as a luxury offering. As is often the case, longtime tenants were caught in the crossfire and organized a tenant association. They ultimately settled their disputes in 2017 (confidentially), but the long-running laundromat on the ground level didn’t survive.
With this current transaction, Silver nearly doubled his initial 2016 investment of $12.3 million.
[h/t The Real Deal]
Recent Stories
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 […]
Sneakerhead Arrested for Knifing Customer at Hypebeast ‘HBX’ Opening on Division Street
A watershed moment for Hypebeast transformed into a melee on the Lower East Side last week. The Hong Kong-based fashion and lifestyle publication on Friday officially debuted in the seven-story commercial loft building at 41-43 Division Street. Its ground-level store – dubbed HBX – attracted a queue of sneaker heads waiting for a limited edition Nike […]
Arsonist Torches Eldridge Street Beauty Parlor
Two people were injured yesterday evening after an arsonist set ablaze a beauty parlor on Eldridge Street, according to several published reports. The incident transpired shortly before 5:00pm at the Sa Sa II Beauty Salon, located at 129 Eldridge Street. Cops said the suspect poured gasoline inside the store and set it on fire. (Initial […]
