A Queens property owner plucked down $21 million for a 130,000-square-foot development site at Avenue D and East Second Street, The Real Deal reported tonight.
Kahen Properties bought six lots at 5-9 Avenue D and 306-310 East Second Street, and plans to break ground on a 12-story luxury apartment building this spring that will feature apartments in the $2,500 to $3,600 range.
Per The Real Deal's Katherine Clarke: "The building, which will include some affordable units as part of the 80/20 program, will have a doorman, rooftop terrace, gym and outdoor space."
In addition, there are plans for a "national tenant" to take up all 10,000 square feet of retail at the building dubbed "Alphabet Plaza."
Plans for a development like this first surfaced two years ago during a CB3 committee meeting, as the Lo-Down first reported.
The original rendering looked something like this:
During the meeting, the developer's name wasn't disclosed. His reps only said that he was a "former beer distributor," per The Lo-Down.
According to The Real Deal, Kahen Properties bought the land in a Dec. 22 deal from Simon Bergson, president and CEO of Manhattan Beer Distributors, the largest single-market beer distributor in the United States.
While Bergson's plans never materialized, it sounds as if Kahen is keeping the spirit of his development intact.
Aside from Alphabet Plaza, expect developments coming to East Third Street near Avenue D ... and Houston at Ridge ...
Previously on EV Grieve:
Will Avenue D finally turn into Avenue C?
Listing appears for Houston and Avenue D development