The Bowery has given us plenty of attention-grabbing projects recently, but one development that has flown under the radar is the 143-year-old 316 Bowery, probably because the reborn and glitzy boulevard is not in the habit of respecting its elders. After the hip restaurant Double Crown and its lounge Madame Geneva moved in downstairs, the old hotel at the corner of Bleecker Street was renovated and converted into three full-floor condos with 14' ceilings and huge windows. Asking prices came in at $2.75 million, $2.825 million and $3.1 million, around $1,500 per square foot for the lower floors and higher for the penthouse (which includes a 500-square-foot roof deck). A recent stroll by the building found signs of life inside?like a big-screen TV illuminating the second-floor living room?so what's the story?
None of the units ended up selling, and instead the two lower floors were rented out. We're not sure for how much, but StreetEasy has some old listings preserved that show asking rents of $7,300 and $7,500 per month. The penthouse is still on the market, though following a brokerage switch the asking price has plunged all the way down to $1.89 million, or just over $1,000/sqft. So what does Scarano-on-the-Bowery have that this little project does not? Must be that luxurious pool that appeals to the Bowery buyers of today.
· 316 Bowery [StreetEasy]
· Bowery and Bleecker [Official Site]
· 316 Bowery coverage [Curbed]