Greg Sun pays $7M for Bowery commercial property in Little Italy held for 77 years

Greg Sun through the entity Sun Realty 112 Bowery LLC paid Ronald Maged of Magid Realty Corp. $7.3 million for 112 Bowery in Little Italy. The deal closed on February 5, 2020, and was recorded on February 10, 2020. The transaction consists of 1 parcel, including the tax class office building with two to six stories (O2). The property is 7,300 square feet. The parcel(s) have total development potential of 8,540 square feet.
The average sale price per square foot is $849.

The property has been owned by Magid Realty for 77 years, since 1943, city records show.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $276,325. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $270,390.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link