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.
More on the epic sale
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.
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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.