The International Center of Photography has closed on a commercial condominium unit at 250 Bowery between East Houston and Prince Streets for $23.5 million, RKF announced.
The sale of the 11,000-square-foot space closed on Feb. 17, and will become home to ICP’s museum, currently at 1133 Avenue of the Americas, brokers involved in the sale said in a release. The new space includes 6,600 square feet on the ground floor and 4,400 square feet on the lower level of the 24-unit building.
Wine bars really began to supplant winos on the Bowery in 2007, when Whole Foods, the Bowery Hotel and the New Museum of Contemporary Art all opened on New York’s fabled broken boulevard. The 2008 market crash did little to slow skid row’s transformation into the Meatpacking District East (see: The Standard, East Village Hotel at 25 Cooper Square, just off Bowery).
Now the Downtown thoroughfare is poised to enter yet another phase of redevelopment. Intermix, the self-proclaimed “fashion boutique for trendsetters, A-Listers and glam fashionistas” opened in May at 332 Bowery, a former bodega. And last month, a portfolio of 11 mixed-use buildings sold to hip-hop clothier Joseph Betesh for $62 million.
The retail brokerage RKF is at the front of this gold rush. And Senior Director Brian Segall has become the firm’s Bowery guru. Last week, Mr. Segall and Robert Futterman, RKF chairman and chief executive, led The Commercial Observer on a tour of the company’s Bowery assignments, which (to the dismay of preservationists including Martin Scorsese) bolster RKF Executive Vice President Ariel Schuster’s prediction that the Bowery will soon be “one golden strip.”
Just two weeks after the facade at 250 Bowery was revealed, with Anthropologie‘s name dominating the exterior, the retailer has reportedly backed out of its 10,000-square-foot location at the new Lower East Side building.
The apparel maker broke its contract on Thursday following months of rumors that the company had been displeased with an unspecified aspect of the new property’s buildout. Its ground floor space is now back on the market, with an annual asking rent of $1 million.
Much has been made of the metamorphosis of the Bowery from one time skid row to trendy runway. Boutique hotels, apartment buildings, the New Museum and residential developments have landed and it seems retail is realizing the street’s potential.
“I really think it’s coming together down there,” said Faith Hope Consolo, chairman of the retail Read More