[Image via Streeteasy]
L+M Development Partners is the new owner of the Eastville Gardens, the 7-story residential building with an Associated Supermarket in the retail space on Eighth Street and Avenue C.
According to The Real Deal, who first reported on the transaction:
The developer paid $44 million to owner BFC Partners, which finished developing the building at 342 East 8th Street in 2002. The seven-story building, near Avenue C, has a mix of market-rate units and affordable housing. A Baptist church is also on the site, but doesn’t appear to be part of the deal.
The Commercial Observer reported that L+M and BFC swapped Manhattan residential properties as part of a 1031 exchange.
Eastville Gardens is on the site once occupied by El Jardin de la Esperanza.
Here's more on what happened there via The Local/New York Times:
In 1999, community gardeners occupied the site of the Esperanza garden with a giant frog sculpture that doubled as a tree house. Even after the site had been bulldozed, a late-night party descended into chaos as 150 people stormed the lot, clashing with the police and injuring seven officers. Gardeners had previously launched a court case, but the New York Supreme Court ruled the project could go ahead. (In response to a suit filed by then-attorney general Eliot L. Spitzer, another Supreme Court ruling halted all work on other community gardens — the day after the East Village site was bulldozed.)
Donald Capoccia, who operates BFC Partners, is behind the Jupiter 21 residential building at 11-17 Second Ave. ... as well as part of the venture developing Essex Crossing (along with L+M Development).
Not sure what, if anything, this might mean for the Associated. The owners can't seem to get a break. The same owners ran the Associated on West 14th Street that recently had to close due to an exorbitant rent hike ... as well as the Met Foods on Third Avenue and East 17th Street, which closed in April 2015. Principal owner Joseph Falzon and his partners have reportedly been working with Blackstone to come to an agreement for the Stuy Town Associated before their lease expires for that store in 2017.
And what will become of the unused lot between Eastville Gardens and 115 Avenue C? The only activity there the past 14 years has been someone cutting back the weeds.
[Photo from November]