Tuesday, July 15, 2008

Bowery Blues

Development on the Bowery is taking off lickety-split. Brack Capital Real Estate has bought four adjacent properties on the Bowery near Delancey, including a unique old town house. And since the Bowery is a commercial zone, they won't be building housing -- it'll probably be a huge luxury hotel.

The comments below from the Real Deal sound oddly familiar. Oh yes! It's what we've been shouting for nearly two years:

(From the Real Deal)
Philip Huang, a Massey Knakal Realty Services associate on the Lower East Side who was not involved in the transaction, said he had seen more sales activity since the opening in December of the New Museum for Contemporary Art at 235 Bowery.
He also said the proposed rezoning of the East Village and Lower East Side just east of the Bowery was also affecting the street.
"That probably makes development sites on the Bowery worth more," he said.

The whole article:

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