$WELLS TAKE BOWERY
If you need final confirmation that the gritty, old industrial-era Bowery
was being swept away for good, consider this just completed deal:
Acadia Realty Trust has snatched up four-story 210 Bowery for S7.5 million. The
purchase price sounds puny until you realize it set a record for the street of 5815
per square foot.
The building on the fast gentrifying block between Spring and Prince streets is
currently home to the Markell restaurant equipment company.
Acadia is a publicly traded REIT that owns and/or manages 10 million square feet
of retail in the US. It's a developer of the 1.8 million square-foot City Point
project on Brooklyn's DeKalb Avenue, which this month signed Century 21 as
an anchor tenant.
Acadia is also marketing the 10,000 square-foot former home of the Stage Deliat 200 W.54th St.
Eastern Consolidated's Adelaide Polsinelli, Robert Khodadadian and Gary Meese brokered the Bowery deal for the
seller, an investment partnership, and also brought in the buyer.
Polsinelli 210 Bowery is triple net-leased to Markell only through December 2014,and can support up to a 15,000
square-foot new development
The building was once the Monroe Hotel for men back in the Skid Row days. The Bowery is now home to hotels of
quite a different sort, as well as to the New Museum of Art and fashionable stores and restaurants.
But another deal said to be in the works could give Acadia a much larger site to play with. Sources said Acadia has
its eye as well on 212 Bowery next door, which would double its sidewalk frontage.
That four-story building happens to be owned by Markell, which sources said wants to unload it for an unspecified
'high' price.
Acadia executive vice-president Joel Braun declined to discuss the situation other than to say, “We're very interested in
the Bowery."
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