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