Joe Sabbagh’s Ultimate Realty has purchased a five-story loft building at 356 Bowery for $7 million.
Located on The Bowery between East 3rd and 4th Street, the five-story property has four full-floor apartments and a 1,500 s/f ground floor retail space, which is currently vacant.
Ultimate is planning a full restoration of the asset, upgrading the apartments and completing a full facade restoration.
The property was sold by Ralph Tawil’s Centurion Realty in an off-market deal.
Ultimate, has been an active middle market player focusing on multifamily and office development in the greater New York area. This will be their second asset on the Bowery. They own several assets on the Lower East Side as well as multifamily buildings in Tribeca and Park Slope, Brooklyn,
Michael Sabbagh, director of acquisitions for Ultimate Realty commented, “We are excited to expand our footprint on the Bowery while enhancing the streetscape of this historically significant and continuously evolving corridor.
“We continue to be opportunistic buyers looking for any variation of mixed-use property in the downtown market and established neighborhoods in Brooklyn.