{"id":328636,"date":"2026-08-24T19:40:13","date_gmt":"2026-08-24T19:40:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/328636\/"},"modified":"2026-08-24T19:40:13","modified_gmt":"2026-08-24T19:40:13","slug":"kinsmen-property-group-plans-to-bring-322-new-homes-to-156-166-bowery-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/328636\/","title":{"rendered":"Kinsmen Property Group Plans to Bring 322 New Homes to 156-166 Bowery \u2013 Commercial Observer"},"content":{"rendered":"

Kinsmen Property Group<\/a>, a New York City-based real estate development and investment firm, has big plans to build 322 homes along the Bowery in Manhattan\u2019s Nolita neighborhood, Commercial Observer has learned.<\/p>\n

After previously filing plans<\/a> to demolish a 15,000-square-foot set of vacant buildings at 156-166 Bowery in October 2024, Kinsmen has now filed a land use application with the Department of City Planning to transform the now-vacant lot into three mixed-use, mixed-income buildings with a total of 322 homes, according to the firm.\u00a0<\/p>\n

SEE ALSO: East Harlem Housing Proposal on City-Owned Lot Expands to 762 Units<\/a><\/p>\n

If approved, the three buildings would comprise a 29-story building with 124 affordable apartments for seniors; a 26-story building with 99 mixed-income units and 3,260 square feet of ground-floor retail space; and another 26-story building with 99 mixed-income units and 4,391 square feet of ground-floor retail space.<\/p>\n

The project, which would be designed by architects Kohn Pedersen Fox<\/a> and Beyer Blinder Belle<\/a>, is expected to enter public review through a Uniform Land Use Review Procedure (ULURP) by the end of the year.<\/p>\n

\u201cWe are excited to bring more than 300 new homes to Lower Manhattan at a time when housing is urgently needed across the city,\u201d Ari Zagdanski, principal of Kinsmen, said in a statement. \u201cThis project is designed to honor the rich history of the Bowery while also addressing the city\u2019s housing needs head-on.\u201d<\/p>\n

The site at 156-166 Bowery has already been through various different planned projects. In 2022, previous owner Real Estate Equities Corporation<\/a> (REEC) \u2014 which had signed a 99-year ground lease for the properties in 2020 for $50 million \u2014 filed plans to construct a seven-story, 73,000-square-foot retail and office building on the site. Construction on that project eventually stalled.<\/p>\n

It\u2019s unclear whether REEC still owns the ground lease at the Nolita site, which Kinsmen bought in a set of separate purchases in 2016 and 2017 for a total of $53.5 million, according to records.<\/p>\n

Local Councilmember Christopher Marte, who is partnering with Kinsmen in the approval process of the new filing, said the project is a \u201ccritical benchmark\u201d for the Bowery area, as it will bring the same number of senior affordable units that were slated to replace Elizabeth Street Garden a few blocks away. Plans to build housing on the garden were officially scrapped<\/a> earlier this month.<\/p>\n

\u201cSoon, hundreds of seniors and families will be able to affordably live downtown, all while benefiting from the beauty, respite and community that the garden has to offer,\u201d Marte said in a statement. \u201cI am excited to continue my unwavering support for this project and the garden alike, both critical resources New Yorkers need to thrive.\u201d<\/p>\n

Isabelle Durso can be reached at idurso@commercialobserver.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Kinsmen Property Group, a New York City-based real estate development and investment firm, has big plans to build…\n","protected":false},"author":2,"featured_media":328637,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[123577,3624,27562,1527,123576,16197,75,84,83,9,24,91133,63],"class_list":["post-328636","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-ari-zagdanski","tag-channel","tag-christopher-marte","tag-construction","tag-development-156-166-bowery-street","tag-elizabeth-street-garden","tag-manhattan","tag-manhattan-headlines","tag-manhattan-news","tag-new-york","tag-new-york-city","tag-new-york-city-department-of-city-planning","tag-nyc"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/328636","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=328636"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/328636\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/328637"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=328636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=328636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=328636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}