“The Bowery: A History of Grit, Graft and Grandeur.”
http://www.nytimes.com/2011/03/20/realestate/20cover-the-bowery.html
BEFORE the Bowery bums and urban blight, before the restaurant-equipment dealers flooded the sidewalks, before lighting stores illuminated storefront windows and before the area became known as a haven for punk rock, one of New York’s oldest thoroughfares fell into the cross hairs of real estate speculators. They helped transform it into one of the city’s ritziest addresses.
Where flophouses and derelict buildings once stood, luxury condominiums with prices of more than $2,000 per square foot are popping up. Empty lots, gas stations and family businesses have been swept away. Fancy hotels now charge upward of $400 a night for the privilege of crashing on the same Bowery where $4.50 bought a bed for the down and out. Luxury rental apartments — where one-bedrooms start around $4,000 a month — have replaced John McGurk’s long closed but not forgotten watering hole.
“Historically, what happens in New York City has almost always been reflected on the Bowery,” said Eric Ferrara, the director of the Lower East Side History Project and the author of “The Bowery: A History of Grit, Graft and Grandeur.”