Commercial Property on NYC’s Bowery Trades Hands

Upland Property Advisors is pleased to announce the sale of 167 Bowery in Manhattan for $18.75 million. The four-story, 23,607-square-foot commercial loft building is located along the best stretch of the Bowery, with significant development activity in the immediate vicinity, including the recently-topped-out Moxy hotel less than a block to the south.

The property was initially brought to market in February 2020, as the pandemic first took hold. The offering was re-launched in June 2021, as vaccines became widespread, and workers returned to the city. Upland was able to generate significant competitive interest in the property, with multiple offers received. “There is a noticeable recovery in investment sales activity, particularly for well-located value-add assets in the middle markets arena,” said Yoav Oelsner, a principal with Upland.

In order to optimize proceeds to the seller, Upland was able to creatively structure a deal that satisfied all stakeholders. “We were very pleased to execute a transaction with an excellent outcome for our client, particularly given the adjustments occurring in the current market,” said Glenn Tolchin, co-founder of Upland Property Advisors.

About Upland Property Advisors

Upland Property Advisors provides best-in-class capital markets advisory services to commercial real estate owners and investors in and around New York City.  The firm’s founding partners are industry veterans with over 50 years of combined institutional experience at some of the world’s largest corporate real estate service providers. Upland is a hands-on boutique operation, delivering personalized attention and uncompromising loyalty from deal inception through closing. They are execution experts intently focused on closing deals, working tirelessly and creatively to complete transactions upon the best possible terms for their clients.

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Source: Upland Property Advisors, LLC