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A blog for breaking sales and neighborhood real estate news.

Massey Knakal Realty Services is pleased to announce that Senior Vice President of Sales Robert Burton has negotiated the lease, with option to purchase, at 218-220 Bowery. Formerly known as the Prince Hotel, the building is located between Spring and Prince Streets in Manhattan’s SoHo neighborhood.

The 50’ wide, four-story, fireproof building has eight remaining SRO tenants on the second floor and the popular R Bar on the ground floor. In addition to the 17,000 existing square feet, 13,000 square feet can be added as of right to bring the building to 30,000 square feet.

Mr. Alessandro Zampedri, the world renowned Italian Indycar race car driver and Founder and Managing Director of BMC Consulting, with partner Sanford Kunkel signed the two year lease/option and will open The Bowery House, a unique, stylish, affordable hospitality concept on the third and fourth floors and a chic coffee bar on the ground floor.
Richard Kestenbaum was attorney for the owners and Mitch Kossoff was attorney for Mr. Zampedri.

“The current owners worked diligently over the last 10 years to legally vacate and improve the building. The resurgence of the Bowery has intensified interest in the area,” said Massey Knakal Senior Vice President of Sales Robert Burton who exclusively handled this transaction. Mr. Burton has completed over $400 million dollars in transactions including 231 Bowery, 199 Bowery (formerly owned by the same owners of 218-220 Bowery), 180 Bowery, 114 Bowery, and most recently, the lot at 197-199 Mott Street, the site of a future boutique hotel.

Click here for press release

Neighborhoods: SoHo/ Agents: Robert Burton