135 Bowery is a prime development site located on the East side of Bowery between
Grand and Broome Streets. The property was recently demolished and the foundation for the new
development has recently been installed. There are DOB approved plans and permits issued for a
20,427SF building (including cellar), consisting of an 8 story commercial loft building with retail on the
ground floor. The Bowery was recently added to the State Register of Historic Places, an important step
towards being added to the National Register of Historic Places. Both lists indicate the likelihood of the
Bowery's future landmarking and potentially being designated a historic district, which will have no effect
on the current development but will limit the development of the surrounding buildings. ICAP tax benefits
have been applied for and the New York City Department of Finance has verified that the application is
approved. The property will receive an annual abatement of approximately $72,000 over a 10-year period
starting in mid 2013. The development of this property would be ideal for a commercial user, non-profit
institution or investor.