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Thread: The end of the Bowery as a skid row

  1. #31
    NYC Aficionado from Oz Merry's Avatar
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    Crikey! That's some tidy profit!


    Mysterious Bowery Home Sells, Will Probably Become Condos

    by Zoe Rosenberg



    It's confirmed: Aby Rosen's RFR Realty has indeed purchased the mysterious, abandoned-looking 37,000-square-foot building on the corner of Bowery and Spring Street that has served as the private home of photographer Jay Maisel since 1966. And, no shock here, RFR wants to convert the 1898 Germania Bank building into—one guess—condos. To be fair, Rosen told the Times that RFR is also considering converting the space into offices or even an art gallery, all with ground-floor retail.

    What persuaded Maisel to sell after nearly 50 years of ownership? Probably in no small way the sum that RFR is offering, which has yet to be released. Past estimates for the building's value float around the $50 million mark, a burly gain for the artist who purchased the building for $102,000 in 1966. On the sale, Rosen demurred to the Times, "The building is in terrible shape. There's no heat, Jay lives in just a small area of the building, another winter is coming, and it was time." Nonetheless, Maisel took some convincing; Rosen's courtship lasted several months. Although the sale has not yet closed, its news has already confirmed that the Bowery of yore is no more.

    Despite Record Prices, RFR Goes on a Manhattan Buying Spree [NYT]
    Mysterious 37,000-Square-Foot Bowery Home May Be For Sale [Curbed]
    A Survey of the Bowery's Changing Landscape [Curbed]

    http://ny.curbed.com/archives/2014/0...ondos.php#more

  2. #32
    NYC Aficionado from Oz Merry's Avatar
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    A beauty awaits its former glory:




    Here is the First Graffiti-Free Rendering of 190 Bowery for Potential Buyers

    by Elie


    Photo: Massey Knakal

    Two weeks ago, we reported that real estate magnate Aby Rosen (RFR Realty) was already trying to flip his purported acquisition. The lovely Germania Bank Building at 190 Bowery. Even though no official documentation conclusively proves that Rosen’s RFR Realty actually purchased the property in the first place. Regardless, word leaked that Massey Knakal is the exclusive broker seeking suitors, with brochures for the property circulating.

    Said literature is now live on their website as an “ownership request proposal.” Hot off the press!

    Most notable about the online listing, before diving into details, is the rendering provided of 190 Bowery. The 1898 landmark (designated 2005) has no graffiti sleeve, and the window portals on the ground level opened up. Rooftop water tank is also gone. It’s a decent bet as to what the future might look like here.



    The babble is rife with hyperbole about its appeal as a “remarkable conversion opportunity.” How one lucky buyer will have the opportunity to “change the landscape of the Bowery for years to come and will be a project unmatched in the price premiums it obtains.”

    The granite and brick building stands six stories tall with ceiling heights ranging between 12’ to 19’ on every floor. The property also features significant frontage on the northwest corner of Spring Street and Bowery, approximately 101.5’ and 59.75’ respectively. As a result, one of the building’s most distinctive features is its chamfered corner at the intersection of these two streets, where the main entryway is located on an angled corner bay. Furthermore, the building’s corner location and oversized windows provide a tremendous amount of natural light and air throughout. In total, the building encompasses approximately 35,617 gross square feet.

    The open floor plans combined with the property being delivered vacant, offer an unusually large blank canvas for a developer or user to execute a myriad of potential visions, including a boutique residential condominium, a retail flagship, or a truly historic and one-of-a-kind single family residence. Regardless of the strategy, the end result will change the landscape of the Bowery for years to come and will be a project unmatched in the price premiums it obtains.

    No price is listed for the 35,617 square-foot property, but the estimated value is well north of $50 million. The intended plan for this site is likely a condo conversion with retail on the ground floor.

    According to property records, photographer Jay Maisel purchased the Germania Bank Building in 1966 for $102,000. As the urban lore goes, the artist and family refuse to scrub the graffiti from the building because the city allegedly rebuffed his attempts to do the same in the bad old days of the Bowery.

    http://www.boweryboogie.com/2014/12/...ential-buyers/

  3. #33
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    Is the Mysterious Bowery Building Actually Being Vacated?

    February 4, 2015, by Jessica Dailey



    Looks like the Bowery's most mysterious building really did sell. "They are actually moving out of 190 Bowery," writes the tipster who sent these photos. "Never thought I'd see the day." Around 1 p.m. this afternoon, movers were spotted carting furnishings out of the graffiti-covered old stone bank. For the last 50 years, the building has been home to artist Jay Maisel and his family, but last September, developer Aby Rosen reportedly paid Maisel somewhere around $50 million for the building. The sale has yet to hit public records, but Rosen's company RFR is already marketing the building. Rosen told the Times that he planned to convert it into condos, and that's exactly how it's being advertised. It's safe to say that the moving-out of the owners indicates the beginning of the end for one of the Bowery's last vestiges of grittiness.



    http://ny.curbed.com/archives/2015/0...ng_vacated.php

  4. #34

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    Not knowing the zoning down there, is there any possibility that the buyer could build a tower up from the existing building?

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  6. #36
    NYC Aficionado from Oz Merry's Avatar
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    I sure hope the interior is landmarked as well (or has it been altered too much?). There's some gorgeous original detailing that should be preserved.

    Built in 1898 as the Germania Bank, 190 Bowery was abandoned when Maisel bought it in 1966 for just $102,000 (!!), but as the video shows, a lot of original features survived, even though new owner Aby Rosen said the building is "in terrible shape."
    What the hell is Rosen talking about?!




    http://ny.curbed.com/archives/2015/0...rsion.php#more
    Last edited by Merry; February 12th, 2015 at 09:30 AM.

  7. #37
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    Pre-Conversion, Mysterious Bowery Mansion Seeks Retailers

    March 4, 2015, by Hana R. Alberts



    The 72-room "Bohemian dream house" at the corner of Bowery and Spring, which photographer Jay Maisel bought for $102,000 in 1966 and then just sold to developer Aby Rosen for $55 million, is inching towards its future as condos (or a hotel) or something much fancier than its old, graffitied self.

    Here's another sign: EVG posted an advertisement that appeared in the Post yesterday, which shows a cleaned-up rendering of the mansion—which first served as a Germania Bank branch after it was built in 1898—and exhorts retail tenants to consider the that will apparently be available within the month. Rosen's RFR Realty also has an official listing up for the space. It has a lot of floorplans for every floor, which is all well and good, especially for shops that care about the street level, but please, tell us what's fill up that L-shaped thing up top.


    Photo via the RFR listing.

    As per the listing:

    The limestone building is 6 stories, with a basement and roof terrace. Floors measure approximately 6,260 SF each and have 11-foot ceiling heights. The ground and second floors have 18-foot ceiling heights and are ideal for retail use.

    The total square footage of the entire building? 37,000 square feet.


    The floorplans listed with RFR look the same for every floor; sadly, none are divided into rooms.

    Listing: 190 Bowery [RFR]
    The Post Helping Sell the Landmark 190 Bowery for Retail Use [EVG]

    http://ny.curbed.com/archives/2015/0...ilers.php#more

  8. #38
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    Legendary Graffitied Bowery Mansion Cleaned Up for Condos

    March 11, 2015, by Hana R. Alberts


    All hotos via Flickr/Scott Lynch

    The 72-room mansion at the corner of Bowery and Spring streets is gearing up for its next life as condos (and retail shops) after its $55 million purchase by developer Aby Rosen. The process of turning the "Bohemian dream house" at 190 Bowery—once inhabited by eccentric photographer Jay Maisel, who paid $102,000 for it in 1966—will take some time, since apparently it's "in terrible shape." Here goes Step 1: take down the layers upon layers of graffiti and posters and flyers that have accumulated over decades on the stone facade of what was once a branch of the Germania Bank. Let's hope workers noticed the neighborhood response to the sale, emblazoned on its side in November: UUGHH. Check out the photos below to see a neighborhood icon get all sanitized, as well as more coverage (and images) from Animal and Bowery Boogie.



    Why did Maisel let street artists run rampant on his property? Allegedly, it's because when he tried to clean the facade himself, back in the Bowery's seedier days, the city wasn't supportive. Now the massive corner building is your $55M problem to buff, Rosen.



    Workers have already removed enough of the art/debris (depending on your perspective) so that the ground-floor windows are clear.









    Scott Lynch's Photostream [Flickr]
    The Buff of the Graffiti Mansion at 190 Bowery Has Begun [Animal NY]
    Germania Bank Building at 190 Bowery is Cleansed, No Longer a Graffiti Meccahttp://www.boweryboogie.com/2015/03/germania-bank-building-190-bowery-cleansed-longer-graffiti-mecca/ [BB]

    http://ny.curbed.com/archives/2015/0...for_condos.php

  9. #39
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    190 Bowery's 'Prime Retail Corner' Is Officially For Lease

    March 20, 2015, by Zoe Rosenberg


    Image via Bowery Boogie

    It's a dark day for the waning grit-laden legacy of 190 Bowery. It's become increasingly evident over the past several months, as the former Germania bank building was acquired and scraped clean by big-name firm RFR Realty, that the building is gearing up for an expensive overhaul. But nothing makes that as clear as actually seeing banners advertising its "Prime Retail Corner" plastered over the now graffiti-free facade. Bowery Boogie points out that the building is still on the market with RFR so its exact fate isn't sealed, but whatever it is probably involves lots of dollar signs.

    It's Official: 190 Bowery Now Sports Retail Leasing Banners [BB]

    http://ny.curbed.com/archives/2015/0..._for_lease.php

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