Kinsmen Property Group, a joint venture between Madison Group and State Building Group, bought a bowery property for $30 million.
The firm closed on a three-building package at 156-160 Bowery on Tuesday. The properties are low-rise buildings with a total of three apartments and three commercial units, according to city data. The 8,000 square feet of retail space in the buildings was previously occupied by home decor seller Lighting by Gregory.
Kinsmen already own the properties next door at 162-166 Bowery. With the acquisition, Kinsmen now owns an assemblage with 150 feet of frontage on the Bowery. The full assemblage is 99 feet deep and has a combined square footage of approximately 39,500 square feet.
“We’d like to realize the potential on these parcels and we’re considering innovative solutions that create opportunities for the community here,” Kinsmen Property’s Ari Zagdanski said.
Kinsmen said that there are no immediate plans for the properties. However, they are negotiating with current commercial tenants to extend their occupancy. The firm said that there are long-term plans to expand the site income capacity.
The seller is investor Joel Horowitz, who has owned the building since the early 1980s.
Kinsmen is funding the purchase with a $28 million mortgage from TD Bank. A JLL team of Keith Kurland, Jonathan Schwartz, Adam Schwartz and Aaron Appel arranged the debt.
Kinsmen’s other New York City assets include The Icon in Hell’s Kitchen and 62-64 Third Avenue in the East Village.