Latest Big Design Penthouse on the Bowery Could Shatter Neighborhood

In-contract home recorded at $17 million could obscure current $5.5 million high

The three-story penthouse at 347 Bowery is currently in contract.

Times are changing for the Bowery.

A penthouse at the 347 Bowery apartment suite could set a value record for the Manhattan neighborhood. The living arrangement, which was recorded for $17 million, is presently in contract after only five days available. On the off chance that the arrangement closes anyplace close to its asking value, it will be the most costly private deal on the Bowery — by a great deal. A penthouse at the apartment suite 250 Bowery, which sold for $5.5 million a year ago, as of now holds the record, as indicated by Curbed.

Set at the intersection of East third Street, 347 Bowery is the most recent private venture from designer Annabelle Selldorf. The 13-story tower comprises of the three-story penthouse and four duplex townhomes. Retail space will involve the first and second floors.

The building's change — from a previous Salvation Army asylum to an upscale apartment suite — is a demonstration of the area's move. In the 1970s, the Bowery was known as New York's "The dumps Row," however is rapidly turning into a goal for extravagance homebuyers.

"The Bowery is basically a partitioning line amongst NoHo and the East Village and Lower East Side," said posting specialist Leonard Steinberg, who is taking care of offers and showcasing for 347 Bowery, in an email. "The Bowery Hotel changed everything until the end of time. The Lower East Side is the thing that SoHo was 20 years back, with a mind blowing blend of eateries, boutiques and craftsmanship exhibitions."

In its late Wealth Report, the London land consultancy Knight Frank named the Lower East Side one of three hot neighborhoods to watch, refering to new framework, enhancements and eateries as driving value development in a zone where more extravagance improvements are beginning to rise. Just yesterday, living arrangements at the 45-unit townhouse 150 Rivington hit the market, with costs running from $995,000 for a one-room flat to $3.8 million for the four penthouses.