According to a Massey Knakal Realty Services, who represented the seller, the "area was changing, which upped the price" which is why the seller chose to sell. "The price was right." The source notes that the buyer is a Manhattan-based nonprofit, but could not provide further information at this time.
The source notes that more than 40 offers were received in 2008, adding that "there were a million reasons the property was on the market for so long." The firm was first hired to sell the property in 2004 for $13 million. A buyer was obtained in 2005 above the asking price, "but the buyer and seller could not agree on the final details," the source says, adding that they couldn't agree on "the owner's insistence that he remain a tenant for six months after selling the building." The property then went back on the market at $14 million "and received several offers again, but the owner again insisted on staying six months and interested parties did not want to deal with this." In the end, the source says, "someone was ok with it."
The property is located next to the newly built New Museum of Contemporary Art. The fireproof loft building contains approximately 47,067 sf. With the exception of three rent stabilized artist spaces, the property will be delivered vacant six months from closing as the seller relocates. It sold for $395.18 per sf.
Massey Knakal broker Robert Burton says that "the construction of the New Museum has created a new optimism and vibrancy on the Bowery. This is one of the largest properties on the street and faces directly onto Prince Street, straddling the line between SoHo and the Lower East Side."
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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.
