Whether you're staying at The Bowery or Standard East Village, searching for your next multi-million dollar residential property, or feel like shopping at the growing number of boutiques and restaurants, The Bowery has quickly become the place to see, and be seen. Big name brands and developers have taken note of the trends, and are quickly moving into the area and creating a new destination neighborhood along the way.
The history of the area is similar to most of Lower Manhattan. Real estate that once served a manufacturing purpose fell into disrepair throughout most of the 20th century. It was until early additions like B-Bar, and The Bowery Poetry Club brought in art, culture back to the are in the late 1990s. As the city started its climb from near foreclosure to booming investment markets, storefronts that had once been vacant for years, began to fill. Seven years ago, the area welcomed The Bowery Hotel, followed by The New Museum (2007), as well as subtle residential conversions. Real estate along The Bowery became sprinkled with high-end properties with one street in particular, attracting some of the chicest global citizens around.
Oak, Blick, and Bond No. 9 were once the only noticeable pieces of real estate, with primarily abandoned buildings littering the rest of the two block, cobble stone street. Even then, it is hard to count an art supply store and two high-end boutiques game changers in the sense of creating a neighborhood and real estate renaissance. Since then, the area has really exploded, leaving only a few empty pieces of highly coveted real estate left to be converted. BONDST, Billy Reid, The Smile, Il Buco, and a new A.P.C. store occupy the ground floor of some amazing new (and old) construction. It seems like a new store or restaurant is opening every month on the street or surrounding area. The rise of high-end retail, which now expands well past Bond Street to include a new Intermix, Whole Foods, Blue and Cream, etc., is something that can only rivaled by the rise of the residential market.
New developments in this area command more money per square foot than almost any other downtown market. Some buildings, such as 40 Bond have been sucked up by New York's trendsetting elites. With apartments ranging from $2,000 to upwards of $3,500 sq ft., TriBeCa even could be considered a value. Bond Street serves as the epicenter for upper premium luxury, while developments like the The Schumaker and 250 Bowery are pushing the market south.
The redevelopment and rise of The Bowery/Bond Street follows SoHo closely, however the style and interest of the area differs greatly than The Bowery's aging counterpart. Bowery is new, fresh, and what SoHo was before SoHo even existed. As a real estate professional, I see clients preferring The Bowery's chic address and rustic overtones rather than the shopping mall SoHo has become. SoHo has happened, people buy there for security, while The Bowery is just starting to come into its own. New Yorkers love being on trend and part of the latest news making neighborhood, which is probably why the area has and will continue to develop into something the city has never seen before.
As the Manhattan real estate market continues its upward climb, I am particularly excited to see the area mesh with SoHo, and the Lower East Side. Areas that were once deemed useless have now become enclaves for the arts, culture, and well to do. This market is now an attraction for a global class of wealth the city has never seen on such as massive scale. The Bowery, is young, hip, and happening, while areas like SoHo and TriBeCa have now become known as "older" less happening areas, especially in terms of development. I make sure to walk through this part of the city at least a few times a week.
While most of us can't afford the listings, the people watching, real estate changes, and overall environment breed cool, fun, and overall they feeling breeds New York. If you have the time, grab brunch at Peels, a cocktail at The Wren, or even a coffee at Think. From there all you have to do is sit back, relax, and enjoy being in and of The Bowery.
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