Kinsmen Property Group Set to Demolish 156-166 Bowery
By Isabelle Durso October 3, 2024 2:19 pm
reprints
Kinsmen Property Group has filed plans to demolish a 15,000-square-foot set of vacant buildings at Nolita’s 156-166 Bowery, which was previously owned by the late real estate mogul Brandon Miller.
Kinsmen filed seven demolition permits for the site, city records show. Miller’s Real Estate Equities Corporation (REEC) signed a 99-year ground lease for the properties in 2020, valued at $50 million, and planned to build an office property there, according to The Real Deal, which first reported the news of the demolition.
A spokesperson for Kinsmen did not immediately respond to a request for comment, while a spokesperson for REEC could not be reached for comment.
REEC had filed plans in 2022 to construct a seven-story, 73,000-square-foot retail and office building at the Nolita site with a cafe and outdoor space, PincusCo reported at the time. REEC used a $60.5 million loan from Raven Capital Management for the project, but construction stalled and Kinsmen later refiled the plans, TRD reported.
It’s unclear whether REEC still owns the ground lease at 156-166 Bowery, which Kinsmen bought in separate purchases in 2016 and 2017 for a total of $53.5 million. Kinsmen’s plans for the site are also unclear.
The low-rise buildings at the site hold three residential units and three commercial units. Home decor retailer Lighting by Gregory formerly occupied 8,000 square feet of retail space at the property, TRD reported.
Miller, a high-profile real estate developer during his career, died by suicide at the age of 43 in July. Legal documents revealed he had left behind nearly $34 million in debt, according to TRD. It’s unclear how, or if, REEC plans to proceed with business.
If you’re having thoughts of suicide, call The National Suicide Prevention Lifeline at 1-800-273-8255 or text HELLO to the Crisis Text Line at 741741.
Isabelle Durso can be reached at idurso@commercialobserver.com.
