Demolition permits were filed Monday for a stretch of buildings at 156-166 Bowery in Little Italy, just two blocks south of the New Museum. 

The properties are owned by Kinsmen Property Group, a joint venture between Madison Group and State Building Group. Kinsman purchased a three-building package (consisting of three apartments and three commercial units) at 156-160 Bowery from longtime neighborhood fixture Lighting by Gregory owner Joel Horowitz for $30 million in 2018, while 162-166 Bowery were obtained prior, in 2017, for $23.5 million.

“We’d like to realize the potential on these parcels and we’re considering innovative solutions that create opportunities for the community here,” Kinsmen Property’s Ari Zagdanski told The Real Deal in 2018. Adding that their long-term plans were to expand the site income capacity.

This week's permits, however, show the owner as being Real Estate Equities Corp (REEC), a developer that specializes in large-scale office and residential towers.

According to Bowery Boogie, REEC, signed a 100-year ground lease with Kinsmen Property for the assemblage in September 2020. REEC committed $50 million to the deal, suggesting a new development of considerable size is coming to the Bowery strip. 

The collection of buildings boasts 150 feet of frontage on the Bowery and rings in at 99 feet deep. As it stands, the properties could yield a new structure of about 80,000 square feet. That being said, there are some restrictions; the sites are located within the Special Little Italy District which caps building heights at 85 feet.