New York's Cooperative and Condominium Community

Habitat Magazine Business of Management 2021

HABITAT

NOLITA

“Rent-to-own” is the new rallying cry in a sluggish sales market.

New Condos at 260 Bowery

November 24, 2015

Nolita

 

When you’re dealing in real estate, you learn to wait. The folks at Lyco Investment, the company that owned 260 Bowery, a property between East Houston and Prince Streets, have been on hold since 2008 when they bought the former tenement building. Now their patience has been rewarded, reports the Commercial Observer. According to Brian Segall of RKF, the company that was hired seven years ago to sell the three-story building at 260: “…with the continued evolution of the Bowery, [we] decided to wait for the market to mature before finally moving forward.” Maturation has apparently arrived: Premier Equities has purchased the site for $10 million on November 18 and plans to build an eight-story luxury condominium on the site. Says Segall: “The boom of activity on the Bowery and Lower East Side, with the string of recent investments, new retailers, hotels and cultural institutions entering the market, made this the right opportunity for both the seller and the buyer.”

Recent news affecting co-op / condo buyers, sellers, boards and residents. This week, a Battery Park condo board wants two pit bulls that terrorized a Yorkie removed, while a banker jumps out a window when his Fifth Avenue co-op board wants his poodles ousted. Oh, and also because he's facing a huge tax bill. And speaking of ousted, a rental-building owner is the latest to use a private detective to evict an illegal hotelier. Plus, for condo and co-op boards, we've news of a disaster-grant bill two Congressmen will introduce tomorrow, a report on luxury co-ops and condos being undertaxed and a West Village condo with a truly creative idea — making your lobby smell upscale!

...crazy co-op neighbors, real estate license violations are now available online and condos are cool in Queens. And for co-op boards and condo associations, we've news of new tax-reform bills in Albany and more.

Read all the latest co-op / condo news for buyers, sellers and board members in Habitat's weekly Monday News Roundup. Also included: Permanent archival links. If a link ever goes dead, you'll still be able to read the backup at WebCitation.org.

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