There's news about the long-dormant site on First Avenue adjacent to your favorite Rite Aid on East Fifth Street. After years of stops and starts and various renderings, the lot has been sold.
The legal wrangling is a little complicated. Here's some of it via The Real Deal, who first reported on the transaction:
Following a bitter internal battle for control of a long-stalled East Village development site, the owners have sold it to the Colonnade Group.
A group of partners including Ozymandius Realty and Orange Management closed last month on the $12.9 million sale of 75 First Avenue.
A rendering from 2007 showed a 14-floor development looking something like... (pre the the 2008 rezoning) ...
In April 2014, plans surfaced for an 8-story development that would look something like…
Per New York Yimby in April 2014:
Permits indicate the development will span 34,055 square feet, with the bulk of the project dedicated to residential use. 8,456 square feet will be given to ground-floor retail, while the remaining 25,599 square feet will be divided between 27 units. 75 First Avenue will stand 80 feet in total.
There aren't any details at the moment about what the Colonnade Group plans to do with the lot. The DOB previously approved the plans for the 8-story building.
Previously on EV Grieve:
Developer: A shorter building in the works now for 75 First Avenue
High-rise for 75 First Avenue back in play
Long-stalled First Avenue site now has a brand-new rendering