CB Developers acquires interest valued at $59.5M in Noho corner parcel from hotelier Eric Goode

358 Bowery (Credit: Google)

By Adam Pincus

Charles Blaichman’s CB Developers purchased an interest in the Noho corner building 358 Bowery, owned by veteran downtown hotel impresario Eric Goode, for $59.5 million. The parcel at the corner of Bowery and East 4th Street, and is occupied by B Bar & Grill, an eclectic one-story restaurant and bar.

Goode bought the site from the Cooper Union for the Advancement of Science and Art in 2004 for $5.5 million, but had been operating a restaurant on the site since inking a lease in 1993 with the school at what had once been a gas station. Goode has stakes in the Jane, the Bowery Hotel and the Waverly Inn.

Blaichman is an active developer with projects including a joint venture with SK Development at a 21-story, mixed-use project at 214 West 72nd Street on the Upper West Side. Goode and Blaichman did not immediately respond to requests for comment.

Goode has stepped into the current political fray by joining a 2017 lawsuit accusing President Donald Trump of violating the Federal Emoluments Clause, arguing that Goode, as a hotel owner, will be harmed because guests will elect to stay at one of the Trump Organization’s hotels in order to allegedly obtain favors in exchange for the money spent on the hotel. A lower court dismissed the case but an appeals court reversed that decision earlier this month, reviving the lawsuit. But it’s not all politics; he also has thrown his support behind turtle conservation.

Goode has been working to assemble air rights to build a larger project. In January and February 2017, Goode filed records with four additional parcels into a single zoning lot which would allow for a larger building on the site. In addition, Goode paid Granite Management, which owns two of those buildings, $1.6 million for 4,670 square feet of development rights and Goode paid $1.8 million to a small cooperative building at 32 East 4th Street for 4,012 square feet of development rights.

Goode’s B Bar & Grill was paying an annual base rent to his ownership company of $600,000 in 2004, according to city records, in a lease that initially was set to expire in 2014.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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