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1CUSHMAN & WAKEFIELD /
VACANT BUILDING FOR SALEBetween Delancey and Broome Street | East Side of Bowery
159 BOWERYNEW YORK, NY
Cushman and Wakefield has been retained on an exclusive basis to arrange for the sale of 159 Bowery, a three-story, 4,252 SF building located between Delancey Street and Broome Street on the Bowery in New York City. The building sits on a 23.25’ x 74.83’ lot and has a footprint of ~1,740 SF. 159 Bowery presents a unique opportunity to purchase a well located development opportunity in one of Manhattan’s hottest and most-evolving corridors in the Bowery. Furthermore, the property would be ideal for a user looking to occupy the building for their own use.
159 Bowery is currently owner-occupied by Faerman Cash Registers, which has been operating its business in the building for nearly 50 years. The building will be delivered entirely vacant upon execution of the sale. The existing building boasts incredible ceiling heights throughout: the first floor’s ceiling is 11’9”, the second floor 9’6” and the third floor measures 14’.
The offering presents a new investor, user or developer a rare opportunity to acquire an asset that has not traded hands in over 45 years. As the Bowery has evolved over the years from lighting and equipment retailers to fashion boutiques, high-end restaurants and galleries, 159 Bowery provides a unique opportunity for a new investor, developer or user to create from a blank canvas in an iconic location.
The lot is located in a C6-1G zoning classification allowing for 10,439 BSF (6.0 FAR) for Commercial development, 5,985 BSF (3.44 FAR) for Residential or 11,309 BSF (6.5 FAR) for Community Facility. Due to the strong demand for retail, office, hotel and residential space in the immediate area, this site presents developers with a unique opportunity to take advantage of one of the fastest-growing neighborhoods in the city.
REDUCED PRICE: $7,900,000 $6,250,000
PROPERTY INFORMATIONLOCATION East side of Bowery, between Delancey Street
and Broome Street
BLOCK / LOT 424 / 5
LOT DIMENSIONS 23.27' x 74.83' Approx.
LOT AREA 1,740 SF Approx.
EXISTING BUILDING DIMENSIONS: SF: CEILING HEIGHTS:
Basement 23.25’ x 36’ 837 6’3”
First Floor 23.25’ x 74.83’ 1,740 11’9”
Second Floor 23.25’ x 54’ 1,256 9’6”
Third Floor 23.25’ x 54’ 1,256 14’
Gross Building Area 5,089 Approx.
Above-Grade Building Area 4,252 Approx.
ASSESSMENT (19/20) $467,010
R.E. TAXES (19/20) $49,101
Zoning Information (All zoning information should be independently verified)
Lot: 5
Zoning: C6-1G
C6-1G (Approx. 23.27' x 74.83')Use Comm./Resi,
Mixed UseCommercial Community
Facility
FAR (As of Right): 6.00/3.44 6.0 6.50
Zoning Lot SF: 1,740 1,740 1,740
BSF per Use: 10,439 10,439 11,309
Existing building: 4,252 4,252 4,252
Total Air Rights: 6,187 6,187 7,057
For more information, please contact Exclusive Agents:
ANDREW T. BERRYDirector(212) 589 [email protected]
MICHAEL F. DECHESERSenior Managing Director(212) 660 [email protected]
MEI LING WONGDirector(212) 660 [email protected]
BRYAN F. HURLEYAssociate Director(212) 660 [email protected]
159 BOWERY NEW YORK, NY
NEIGHBORHOOD OVERVIEW
For more information, please contact Exclusive Agents:
Cushman & Wakefield copyright 2019. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
The asset provides investors, developers, and users a rare opportunity to build and own along one of the most sought-after corridors in New York City, the Bowery. The Bowery has evolved into a 24/7, 365 destination for living, working, shopping, and playing and this site is ideally situated in the heart of many existing as well as new developments in the area. Nearby attractions include the famous event venue, Capitale, a brand new hotel/co-working space, Selina, operated by WeWork’s founder Adam Neumann at 138 Bowery, and the Citizen M Hotel at 185 Bowery. The Moxy Hotel’s third NYC outpost is beginning construction steps away from the subject property as well as a brand new 10-story office building at 171 Bowery. The site is also steps from various modes of transportation including the B, D, J and Z trains.
ANDREW T. BERRYDirector(212) 589 [email protected]
MICHAEL F. DECHESERSenior Managing Director(212) 660 [email protected]
MEI LING WONGDirector(212) 660 [email protected]
BRYAN F. HURLEYAssociate Director(212) 660 [email protected]
