190 Bowery, perhaps the last vestige of an earlier, grittier New York City on the gentrified corridor, is under contract to Aby Rosen’s RFR Holdings, the New York Times reported earlier this week.
The 38,000-square-foot building on the corner of Bowery and Spring Street, notable for its graffiti-covered exterior, was constructed in 1898 and was home to the Germania Bank. Photographer Jay Maisel purchased the six-story, 72-room property in 1966 for $102,000 and has used it as his private residence and work space since. In 2005, the home was designated a city landmark.
For years, buyers have been clamoring for Mr. Maisel to sell the space, one of the largest private residences in New York. Mr. Maisel declined to comment on the sale to Commercial Observer.
The fate of the property has yet to be determined; Mr. Rosen told the Times he may convert the building into condos with retail space, or possibly an art gallery.
The price of the sale has not been confirmed, though earlier reports suggest the building is worth approximately $50 million.
Bowery has largely been scrubbed of its less-glamorous past, and the tenements of yesteryear have given way to multimillion dollar condominiums, boutiques and hotels for the bourgeoisie. Recently, the Salvation Army sold its community center on the street to developers for north of $30 million and a cash-buyer bought a portfolio of 11 buildings for $62 million.