190 Bowery, Once Manhattan's Spookiest Building, Hits Market

No one involved will say what the asking price is. A 33,000-square-foot building with 100% leased office at $95 a foot generates roughly $3.1 million in annual office rent alone, before ground-floor retail. At a 5% cap rate, that values the office at about $62 million – nearly $7 million more than Rosen paid for the entire building when it was empty. If the ground-floor retail adds another $1 million in rent, the number climbs further.

RFR has been shedding assets. Earlier this year, 281 Park Ave. South went into contract at around $2,000 per square foot, a strong price for a smaller office building. Rosen's current Manhattan holdings include the Seagram Building at 375 Park Ave., 477 Madison Ave., and 15 State St. The 190 Bowery sale will test investor appetite for boutique office assets in a market still adjusting to hybrid work.

Rosen called 190 Bowery “one of New York’s great landmarks. We’ve restored it with enormous respect for its history and architecture. Now, for the first time, we’re inviting someone else to write its next chapter.”