Those who have been mourning the loss of 190 Bowery to the clutches of the rich can breathe a slight sigh of relief. Just a month after having some of its graffiti removed, the WSJ reports that the former Germania Bank—and former home of photographer Jay Maisel—has just inked its first lease. The tenant, “a company made up of agencies representing creative professionals in the industry of luxury and fashion image-making” has signed on for nearly 30,000 square feet and says that it will maintain all of the building’s historic touches, from “its marble wash basins to the graffiti covering the lower part of the facade.”
- To coincide with Sunday’s fare hike, the MTA has released an online MetroCard calculator. How nice of them! [NYDN]
- Brooklyn’s debt is double the national average. [amNY]
- The inevitable has finally happened — 190 Bowery, the former Germania Bank Building famous for its graffiti, now has retail leasing banners. [Bowery Boogie]
- A new city program aims to help independent restaurants thrive. [BK Mag]
- Five teens got busted after climbing Philip Johnson‘s New York State Pavilion with spray paint–not the first vandalism on the iconic World’s Fair structure. [NYDN]
- It costs an average of $82 for a night out in NYC, less than in Chicago, Atlanta, and LA. [BI]
- Futuristic starchitect Zaha Hadid collaborates on a pair of sculptural wooden vases. [Designboom]
Images: MetroCard (L); 190 Bowery (R)
One of New York’s most mysterious buildings continues to come further into light, now with a brand new marketing video (h/t EV Grieve) that not only shows us images of the building completely graffiti-free, but how its former owner, photographer Jay Maisel, had set up his work and living spaces. The three-minute video offers up a fly-through tour of the home, focusing in on just how spectacular and well-kept the interiors are. There are stunning shots that zoom in on the ornate moulding, others that zip through the vault, and close-ups of the iron work that adorn the staircases and elevator—in addition to a slew of other incredible details. The walls are also covered in Maisel’s modern works, which juxtapose nicely with their historic setting.
Maisel purchased the 72-room, 35,000-square-foot building—originally built in 1898 as the Germania Bank—for just $102,000 back in the ’70s, calling it his family home and studio for decades. The photographer inked a deal to sell the home last year to developer Aby Rosen and recently filed records show that he received a whopping $55 million for the six-story structure. Rosen is currently marketing the building as a retail-condo development.
Video by Digital Destinations
It’s being considered one of the greatest returns on investment in New York City real estate history, reports the Daily News. Photographer Jay Maisel bought the now-famous graffiti-covered home at 190 Bowery back in 1966 when it was abandoned for only $102,000, and he’s now officially sold the Gilded Age bank building to developer Aby Rosen of RFR Realty for $55 million.
Developers have been urging Maisel to sell ever since the Bowery changed from a seedy row of drugs and flop houses to a trendy destination for foodie-favorite restaurants and high-end boutiques. Rosen finally convinced the artist, who lived in the six-story, 72-room mansion with his wife and daughter, to sell on the basis that it had no heat and was in disrepair.
One of the city’s most mysterious buildings has become a whole lot less intriguing with this newly released rendering from Massey Knakal. The image, which was pulled from the marketing materials of the broker by Bowery Boogie, shows a very pristine 190 Bowery totally free of graffiti and all lit up.
Formerly the Germania Bank Building—and formerly the home of photographer Jay Maisel—the massive 72-room building was reportedly recently purchased by Aby Rosen of RFR Realty for an undisclosed amount (the sale has yet to hit city records) and, to much surprise, was put back on the market just a couple of weeks ago as a flip.
After all the hoopla around RFR Realty’s purchase of Jay Maisel’s graffiti-covered home along the Bowery, word has now surfaced that its new owners are already looking to turn a profit on the six-story building—even before they’ve officially closed on it. The Commercial Observer reports that the building at 190 Bowery, which went into contract in September, is being listed by Massey Knakal Realty Services and marketing materials (dated November 19th) have already gone out.
Maisel previously owned the 1898 building, paying just $102,000 for it back in 1966 when it was abandoned. RFR’s co-founder and principal, Aby Rosen, is said to have spent six months persuading the photographer—who had been living in it for the last 45 years with his family—to sell the building on the basis that it was in “terrible shape” with “no heat”. Until Rosen’s offer, Maisel shot down all other proposals to buy him out. It’s estimated that RFR paid $50 million for the building. Condos were rumored to be on the way to the 37,000 square feet of space.
It isn’t unusual to see old warehouses, churches and banks converted into luxury multi-unit condos and apartments. But far more rare, and often shrouded in myth and mystery, are one-of-a-kind buildings that had former lives as banks, schools, a synagogue, a public bath house, a Con Ed substation, even a public restroom and a hillside cave–and have more recently served as home and workspace for a lucky handful of bohemian dreamers (and hard-working homeowners).
Real Estate Wire: Trump Soho Off to the Auction Block; Moynihan Station Project Gets $40M in Federal Funding, Wed, September 17, 2014
- Unsellable condos at the Trump Soho have sent the building into foreclosure and off to the auction block. [WSJ]
- The Federal Transit Administration handed out $1.9B for Sandy-related upgrades, yesterday. $40M of the available funds will go towards the Moynihan Station and about $13 million will go to the planned $700 million second phase of the project that will turn the Farley Post Office into a terminal for Amtrak. [Crain’s]
- Abby Rosen is throwing down big bucks for 190 Bowery, the hotly sought after home of photographer Jay Maisel. The building was originally built in 1898 as a location for the Germania Bank an has been Maisel’s home since 1966. Estimates value the home at $50M. [NYT]
- The construction of college buildings is booming and spending will top $2B this year. This trend will continue at the same level for at least the next three years, reports say. [WSJ]
- 31 Bond is getting a penthouse addition. [Curbed]
Trump Soho (left); Moynihan Station (right)