Successful Sale of 199–205 Bowery in the Lower East Side, Manhattan
Bob Knakal successfully completed the sale of 199–205 Bowery, a prime development site located in Manhattan’s Lower East Side. The property, owned by Drager Industries and Janet Shi, was acquired by developer Avra Jain for $3,861,500.
Situated along one of Downtown Manhattan’s most active and transformative corridors, this transaction reflected a turning point for the Bowery — once an industrial stretch, now a vibrant axis of art, hospitality, and residential development. The sale underscored Bob Knakal’s ability to identify value amid shifting market trends and to represent sellers with unmatched precision and tenacity.
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This transaction marked a milestone for the sellers, whose property commanded strong buyer interest through a strategic marketing process tailored to the Bowery’s redevelopment momentum. The sale achieved a competitive price aligned with late-1990s land values and closed swiftly thanks to effective negotiation and buyer qualification.
Key Sale Details:
- Sale Price: $3,861,500
- Price per Buildable SF: $62.32
- Buyer: Avra Jain
- Seller: Drager Industries, Janet Shi
- Seller Type: Developer
- Asset Class: Development
- Sale Date: August 31, 1999
Highlights:
- Full-block development potential with 100 feet of frontage along Bowery
- Surrounded by active redevelopment and adaptive reuse projects
- Strategic location connecting SoHo, Nolita, and the Lower East Side
- Expedited closing through focused deal structuring and buyer engagement
Property Overview: Prime Development Opportunity at 199–205 Bowery
Located at 199–205 Bowery, New York, NY, the site is positioned between Spring Street and Delancey Street — a corridor that has become synonymous with creative redevelopment and architectural reinvention.
The 100 × 150-foot lot, totaling 61,963 buildable square feet, offered developers a rare large-scale canvas for a mixed-use or residential tower. Its generous frontage and flexible zoning potential made it one of the few remaining development-ready properties in the Lower East Side at the time.
Property Highlights:
- Lot Dimensions: 100 ft × 150 ft
- Buildable Square Footage: 61,963 SF
- Asset Class: Development Site
- Stories: Vacant at the time of sale
- Zoning: Suitable for residential, commercial, or mixed-use development (contextual zoning anticipated)
This sale epitomized a period when industrial-to-residential transitions were reshaping Downtown Manhattan, particularly along the Bowery corridor — setting the stage for its modern-day character as a destination for art, design, and boutique living.
Market Strategy and Positioning: Capturing the Bowery’s Rising Momentum
When the Bowery corridor began attracting new developer attention in the late 1990s, Bob Knakal recognized its long-term potential. He positioned 199–205 Bowery as a unique full-block redevelopment opportunity — one of few large parcels available for immediate ground-up construction.
Strategic Emphases:
- Promoting the site’s 100-foot frontage and deep lot dimensions for maximum design flexibility.
- Highlighting proximity to SoHo and Nolita, attracting developers interested in mixed-use and hospitality projects.
- Leveraging the area’s accelerating commercial growth, including boutique hotels, restaurants, and creative workspaces.
By focusing on both the current market fundamentals and the anticipated future transformation of the Bowery, Bob Knakal was able to engage multiple qualified bidders and secure a sale price that reflected the property’s significant upside potential.
Neighborhood Overview: The Transformation of the Lower East Side
The Lower East Side has evolved from its industrial roots into one of Manhattan’s most culturally rich and investment-driven neighborhoods. The sale of 199–205 Bowery occurred at the early stages of this evolution, as developers began recognizing the area’s unique blend of history, character, and accessibility.
Neighborhood Highlights:
- Cultural Depth: Anchored by the New Museum of Contemporary Art, the Bowery draws artists, investors, and global visitors.
- Vibrant Dining Scene: The neighborhood hosts a mix of Michelin-starred restaurants, historic delis, and nightlife destinations.
- Transit Connectivity: Easy access to the B, D, F, M, J, and Z subway lines ensures quick travel across Manhattan and Brooklyn.
- Urban Revitalization: Dozens of new residential, retail, and hospitality developments have emerged, boosting property values and appeal.
The Bowery now stands as a symbol of New York’s adaptive transformation — a corridor where 19th-century warehouses coexist with cutting-edge hotels and galleries, making it an enduring favorite for investors and developers alike.
Conclusion: Strategic Leadership and a Benchmark Transaction
The sale of 199–205 Bowery underscores Bob Knakal’s proven ability to deliver exceptional outcomes in evolving markets. Through detailed pricing analysis, targeted buyer outreach, and steadfast client advocacy, Bob achieved an optimal result for Drager Industries and Janet Shi in a transaction that mirrored the Bowery’s resurgence.
This sale continues to serve as a benchmark deal in the Lower East Side, illustrating both the long-term potential of the corridor and the value of expert brokerage leadership in complex development transactions.
Client Testimonial
“I was introduced to Bob Knakal by my attorney and I am so glad he made that introduction. When we retained Bob to sell 199 Bowery, we were confident that we made the right choice and the results of the assignment proved that we were right. Bob worked tirelessly on our behalf, working seven days a week to get the job done for us. You simply won’t find anyone that will work harder for you than Bob Knakal.”
— Janet Shi, Drager Industries
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Frequently Asked Questions About the Sale of 199–205 Bowery
Q1: What type of property was sold at 199–205 Bowery?
The property was a vacant development site located in Manhattan’s Lower East Side, offering over 61,963 buildable square feet suitable for residential, mixed-use, or commercial construction.
Q2: What was the total sale price and price per buildable square foot?
The site sold for $3,861,500, translating to $62.32 per buildable square foot — a strong price for its size and location during the 1999 market cycle.
Q3: Who purchased and sold the property?
The property was sold by Drager Industries and Janet Shi and purchased by developer Avra Jain, known for identifying high-potential redevelopment sites in transforming urban corridors.
Q4: Why was 199–205 Bowery considered a prime development opportunity?
The 100-foot frontage, deep lot size, and mixed-use zoning made it ideal for ground-up development. Its location between SoHo and the Lower East Side positioned it perfectly for residential and boutique hospitality projects.
Q5: What market factors influenced the sale?
During the late 1990s, Manhattan’s downtown submarkets experienced a surge in developer activity as former industrial zones transitioned into creative, retail, and residential districts. The Bowery, in particular, was seen as a frontier for modern reinvestment.
Q6: What makes the Lower East Side an attractive investment destination today?
The area’s mix of culture, cuisine, and creativity, along with new residential and hotel projects, makes it one of Manhattan’s most sought-after neighborhoods for both developers and institutional investors.
Q7: How did Bob Knakal’s strategy impact the sale outcome?
Bob Knakal employed a data-driven marketing campaign emphasizing the site’s redevelopment potential and connectivity. His personalized buyer engagement process ensured multiple competitive offers, ultimately maximizing the sale value.
Q8: How does the 199–205 Bowery transaction fit into the neighborhood’s long-term transformation?
This sale predated the modern Bowery renaissance and helped pave the way for the area’s transition from industrial to mixed-use vitality, setting a precedent for future high-value transactions in the neighborhood.
