Monday, July 30, 2012

521-523 E. 12th St. sells for $10.9 million

On Friday, Eastern Consolidated reported that it "represented the seller and procured the purchaser in the sale of this 5-story, 40 unit walk-up apartment building" at 521-523 E. 12th St. The building between Avenue A and Avenue B was sold for $10.9 million.

According to public records, an entity called JMS Village LLC purchased the property from EL-LOU Holding Company. The JMS contact on the documents is Jack Avid, whose name came up in two Village Voice articles about SROs being converted to tourist-class buildings back in the late 1990s. You can find those articles here ... and here.

3 comments:

Anonymous said...

Great posting Grieve. Following is just the tip of the iceberg...

http://online.wsj.com/article/SB10001424052748703302604575294741665007702.html

http://archive.citylaw.org/oath/08_Cases/08-801.pdf

http://nypress.com/lawmakers-move-to-close-hotel-law-loophole/
http://nypress.com/no-room-at-the-inn/

http://nypress.com/city-oks-controversial-construction/

http://thatgreengirl.blogspot.com/2008/03/jack-avi.html

http://seeclickfix.com/issues/12824

Anonymous said...

new owner jacob avid one of the worst slumlords in nyc. keep watch for updates on this one...

Anonymous said...

Interesting...stop work orders and illegal conversions make sense..