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The New York Observer

Holy Bowery! Lot Doubles Price in One Year

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November 29, 2007 | 11:54 a.m.

Property records today showed a four-story walk-up at 189 Bowery sold for $9.7 million—a pretty decent price for the one-time Skid Row, especially when compared with the $4.25 million that the very same 10,000=square-foot building sold for in mid-2006 .

The purchase seems to suggest the Bowery’s second act is getting into full swing, as the street that once swarmed with drunks, prostitutes, and restaurant supply stores is attracting boutique hotels, a hip museum, and high-end fashion stores (though, curiously, a good number of restaurant supply shops remain).

The apparent buyer, Brack Capital, led by CEO Moshe Dan Azogui, has a few hotel and luxury condo development projects around the city. We’ve got a call out to them about their plans for this site, but haven’t yet heard back.

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