The conceptual artist Wade Guyton through the entity Maduza Lorenz LLC paid $18.75 million to the Brawarsky family through the entity Malka Realty Corp. for the office building (O5) at 165-167 Bowery in the Lower East Side, Manhattan.
The deal closed on October 12, 2021 and was recorded on October 26, 2021.
The property has 21,844 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $858 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Malka Realty was William Cherkin. The signatory for Wade Guyton was Wade Guyton, an artist whose work is in the collections of the Museum of Modern Art, the Whitney and others. Guyton already had a presence in the building.
The brokers were Upland Property Advisors’ Yoav Oelsner and Glenn Tolchin, according to TradedNY. The seller, Malka, was controlled by the family of the now dead Jack and Muriel Brawarsky, who acquired the bankrupt building in November 1970 for $100,000.
Within a 400-foot radius of 165 Bowery, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, two were in new building development. There were one new building permit application and one new building permit. The most recent of these two items was a filing on April 1, 2021 for a 100,181-square-foot R-2 building with nine residential units at 327 Broome Street.
Of those nine items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on February 11, 2020 for the $500,000.0 renovation of 44,655-square-foot R-1 building with 96 residential units at 138 Bowery.
Of those nine items, three were sales above $5 million totaling $66.2 million. The most recent of the three was Real Estate Equities Corp. which bought the 6,875-square-foot, four-unit mixed-use building (K4) on 166 Bowery and six other properties for $50 million from Kinsmen Property Group on September 1, 2020.
Of those nine items, three were loans above $5 million totaling $142.9 million. The most recent of the three was citizenM hotels and Brack Capital Real Estate which borrowed $82.5 million from JPMorgan Chase secured by the 79,408-square-foot, one-unit hotel (H2) on 189 Bowery on August 4, 2021.
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