Premier Equities has purchased a three-story building at 260 Bowery for $10 million and plans to erect an eight-story, luxury residential condominium on the site.
The sale of the property between East Houston and Prince Streets closed on Nov. 18, Commercial Observer has learned.
Lyco Investment, the seller, had begun demolishing the property in the summer on behalf of the buyer per a spokesman for RKF.
“RKF was first retained to sell this asset back in 2008, and with the continued evolution of the Bowery, decided to wait for the market to mature before finally moving forward,” said Brian Segall of RKF, who represented both the buyer and the seller. “The boom of activity on the Bowery and Lower East Side, with the string of recent investments, new retailers, hotels and cultural institutions entering the market, made this the right opportunity for both the seller and the buyer.”
Morris Adjmi Architects has designed the planned 23,500-square-foot luxury residential condo. The cellar, first and second floors of the new structure will be dedicated to retail and there will be five condo units on the upper floors. Pricing for the condos was not disclosed. Bowery Boogie first reported the news about a new condo coming to 260 Bowery.