In what some are saying is one of the greatest return on investment for real estate in New York City, photographer Jay Maisel sold his Gilded Age bank building, the Germania Bank, for a whopping $55 million, after paying a mere $102,000 about forty years ago.
The property, located at 190 Bowery, is a graffiti-covered relic which developers have been salivating over for years as the once seedy neighborhood transformed to a trendy, up and coming hot spot in Manhattan. Maisels has been living in the building with his wife and daughter, using the lower floors as his studio and the upper floors for his living space. Last year the photographer cut a deal with developer Aby Rosen, but the record of the sale was filed with the city on Thursday.
Rosen already relisted the property for sale with realtor Cushman & Wakefield before the end of last year.