Constructing Fairness Administration doesn’t look like able to tip its hand, however its newest acquisition is additional proof that it has one thing within the works in Nolita.
Michael Vinocur’s agency purchased the four-story retail constructing at 236 Bowery for $45 million. This deal was first reported in TRD’s daily transaction digest.
The vendor was a restricted legal responsibility firm managed by Anton Mayer, the Business Observer reported.
The property has lengthy been occupied by Bari Restaurant & Pizzeria Tools. The household firm sports activities vivid signage on the facade and is credited for serving to to show New York Metropolis into the world’s pizza mecca.
Practically 1 in 10 storefronts in Noho and Nolita are vacant, in response to an analysis final yr by The Actual Deal. Out of 553 properties in Noho and Nolita, 51 had been vacant on the time of the research — 9.2 p.c.
Workers of Bari couldn’t touch upon the sale, nevertheless it’s not the primary slice of the corporate’s pie headed the best way of Constructing Fairness; in October 2024, a restricted legal responsibility firm linked to the retailer offered two properties adjoining to 236 Bowery to Constructing Fairness for $15 million. In recent times, Constructing Fairness additionally acquired 3 Essex Avenue and 19 Prince Avenue, in response to the New York Business Journal.
The corporate didn’t return a request for remark from the publication.
Constructing Fairness Administration is a boutique agency with mixed-use, multifamily, co-op and condominium belongings in its purview, in response to the corporate web site. The agency manages greater than 125 properties, largely in Manhattan and Brooklyn.
In 2023, the corporate purchased a 25-unit walkup constructing in Soho from Kushner Corporations for $12 million. The six-story constructing at 156 Sullivan Avenue has a gross flooring space of just below 16,000 sq. ft. Two of the constructing’s three ground-floor retail areas had been leased to Brigadeiro Bakery and a nail salon.
— Holden Walter-Warner
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