Monday, October 14, 2019

Another look at the corner of 4th Street and the Bowery

A follow up to our post last week that CB Developers plunked down $59.5 million for a piece of the action at 358 Bowery — the current home of the B Bar & Grill.

There was some reader speculation about the surrounding buildings on the Bowery, and if those might be snapped up to become some part of an even larger development.

This doesn't appear likely. For starters, 356 Bowery to the south of B Bar & Grill already changed hands earlier this year.

According to Real Estate Weekly, the property sold for $8.9 million to an LLC that shares an address with Realex Capital, a "real estate acquisition and development owner-operator."

And per REW, the building was to be delivered vacant. There are currently plans on file with the DOB for "repair of an existing 5-story brick building including replacement of deteriorated wood joists and repair/replacement of damaged masonry."

Meantime, 354 Bowery remains on the sales market with an ask of $5.65 million...

The listing notes, with a straight face: "Built by the Astors, squatted by the Ramones and Andy Warhol, then rediscovered in the 2000’s by Manhattan’s financial elite, NoHo has become the downtown residential neighborhood for those craving luxury lofts with a bohemian, eclectic vibe."

The retail tenant here, Hecho en Dumbo, closed in June 2018.

As for 358 Bowery, Eric Goode, whose multiple interests include the Jane Hotel, the Bowery Hotel and the Waverly Inn, has been assembling air rights to build a larger project on this corner space that houses his single-level B Bar & Grill.

According to PincusCo:

In January and February 2017, Goode filed records with four additional parcels into a single zoning lot which would allow for a larger building on the site. In addition, Goode paid Granite Management, which owns two of those buildings, $1.6 million for 4,670 square feet of development rights and Goode paid $1.8 million to a small cooperative building at 32 East 4th Street for 4,012 square feet of development rights.

This warehousing parcels will likely also mean the end of B Bar & Grill, which opened in 1994.

Previously on EV Grieve:
CB Developers pay $59.5 million for an interest in 358 Bowery — current home of the B Bar & Grill and likely a new development


Doug said...

Aw, I like B Bar.

Gojira said...

Is there no limit on the amount of air rights one entity can purchase for one building project?

Anonymous said...

I always wondered why they cut the top of the trees off at that location. I could not figure that it was just for people to have an unimpeded view of the billboard advertisements on the wall. So simple and so stupid.

Anonymous said...

Illegal billboards make a lot of $

Peter Feld said...

And Marion's Continental Lounge, 354 Bowery, fades into the memory bin. Oh well, in 30 years Bowery will be beachfront property anyway.

Scuba Diva said...

At 11:12 AM, Peter Feld said: Oh well, in 30 years Bowery will be beachfront property anyway.

Actually, in 30 years, all of Manhattan will be under water—which will be okay because humans will be extinct within 9 years from now.