On the Bowery, Homeless to Hipsters Almost Overnight
Thursday, March 06, 2014
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The Bowery Mission (left) and the the Salvation Army (right) are neighbors on the Bowery (Ilya Marritz/WNYC)
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The Salvation Army is selling its outpost on the Bowery in
Manhattan, for more than $30 million to a hotel developer. The sale caps
the transformation of a street formerly synonymous with homelessness
into a destination for luxury.
The Salvation Army’s community center is a 55,000 square foot,
10-story building. Last year, a different buyer paid $62 million - cash -
for a collection of eleven nearby buildings.
Gentrification can move startlingly fast. But here - with high thread count sheets crowding out shelter beds - it seems to have skipped all the in-between steps.
Gentrification can move startlingly fast. But here - with high thread count sheets crowding out shelter beds - it seems to have skipped all the in-between steps.
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Ilya Marritz
Ilya Marritz covers business for WNYC.
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