Wednesday, March 21, 2012

Report: 99-year lease in play for 74-84 Third Ave.

[From November 2011]

The Real Deal reported last night that a development company called YYY Third Avenue signed a 99-year ground lease "that requires payments each year of about $1 million" for 74-84 Third Ave.

The site is currently home to a in-progress demolition of the former Yummy House and Nevada Smith's. As The Deal Deal noted, Karl Fischer is architecturing an 82,000-square-foot, nine-story residential building with 94 units here. (The permit is still pending for all this.)

A YYY Third Avenue rep said that the site would be a rental building with studios, and one-, two- and three-bedroom units. "He declined to comment on the annual rental payment or elaborate on the project."

Previously on EV Grieve:
Those persistent rumors about 74-76 Third Avenue and the future of Nevada Smith's

The East Village will lose a parking lot and gain an apartment building


Anonymous said...

So that's $900 per apartment per month just to break even on renting the ground. Ouch.

Anonymous said...

I think the word you are looking for is "designing".

Architecturing is even worse than architecting - and neither of those are words in the English language.

And now I sound like a pedantic asshole - have a great weekend, everyone.

EV Grieve said...

@ anon

No, I meant "Architecturing."

And it is even worse — which is exactly what I was going for.