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Bundle of Bowery Properties Sold For $62M

NEW YORK CITY-Massey Knakal brokered the sale of one portfolio containing 11 MXDs along one of Lower Manhattan's main arteries.

By Rayna Katz | Updated on June 11, 2013

NEW YORK CITY-Massey Knakal has announced that the Bowery Portfolio—consisting of 11 mixed-use properties located between Houston and Canal Streets on the Bowery—was sold in an all-cash transaction valued at $62 million to an investor group led by Joseph Betesh of Milestone Equities. The firm specializes in the acquisition of owner occupied real estate under long-term triple net leases.

The newly purchased properties are located at 83, 85, 88, 103, 105, 219, 221, 262, 276, 280, and 284 Bowery.The buildings total approximately 143,230 above grade square feet with all air-rights intact. The properties are not contiguous, but nine of the 11 buildings are paired with an adjacent property. Included in the portfolio is the Pulino’s bar and restaurant on the corner of East Houston Street and Bowery, across from a new Whole Foods development.

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