(Read more on the multifamily market.)
NEW YORK CITY-A five-story, newly renovated mixed-use building at 312 Bowery in Manhattan's NoHo neighborhood was sold by Steven Croman of Croman Real Estate in New York City for $22.1 million, GlobeSt.com has learned. A source close to the deal also notes that the buyer was locally based Berrin Tekiner.
The 50-foot-wide, elevatored property is located on the west side of Bowery between Houston and Bleecker. The residential mix is comprised of 21 one-bedroom apartments, one three-bedroom penthouse apartment, ground floor retail space and approximately 22,749 sf. The source tells GlobeSt.com that the retail space is vacant.
Most units have private terraces or balconies. The transaction occurred at a capitalization rate of 5.5%. The property sold for $983.14 per sf to the 1031 Manhattan buyer. Massey Knakal Realty Services was the sole broker in the transaction.
"Bowery, especially north of Houston, is undergoing a major upheaval that includes the very trendy Bowery Hotel, its restaurant Gemma and an 80,000-sf Whole Foods store," notes Massey Knakal vice chairman John Ciraulo, who represented the seller with managing director James Nelson and broker James Kinsey. "This helped the projected rent for the retail portion of 312 Bowery to increase throughout the marketing process."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
