The Germania Life Insurance Building

Investment Highlights

Ariel Property Advisors presents 357 Bowery, a rare mixed-use conversion opportunity with development rights at the epicenter of Manhattan’s thriving Noho East Village neighborhoods.

Located between East 3rd and East 4th Streets, 357 Bowery is a 24.33’ wide mixed-use building spanning 4 stories above grade, a cellar and a sub-basement. The gross area is approximately 5,647 above-grade and 7,316 sq. ft. including the cellar space.

The unit mix currently consists of retail on the 1st floor & cellar and 3 floor-through apartments above, which is broken down as follows:
• Retail unit measures approximately 3,338 sq. ft. 1st /cellar. Additional space available in the sub-cellar
• Floor-through residential apartments on the 2nd and 3rd floor are currently occupied and subject to rent stabilization
• Remaining floor-through apartment on the 4th floor is currently vacant

Built in 1870 by a prominent German-American architect, the property’s unique history led the Landmarks Preservation Commission to designate the building as a historical landmark in 2010. Notably, the building was a long-time home of famous artist American psychic, Ingo Swann.

C6-1/R7-2 provides with approximately 4,325 buildable square feet of transferrable development rights (“air rights”).

357 Bowery represents a premier opportunity for owner-users, high-end converters or assemblage-oriented developers seeking property in one of Manhattan’s most desired neighborhoods.