Empty 5th Street lot seeks $2.75 million

534 E. Fifth St., a sliver of a lot between Avenue A and Avenue B, is now on the market with a $2.75 million ask. 

According to the listing, the .04 acres is available "to develop a unique residential property in the heart of one of Manhattan's most dynamic live-work-play neighborhoods." 

And per the listing: "The subject property's R7B zoning provides for a 3.00 residential FAR, allowing a total of 5,577 buildable square feet, as-of-right, for a one-of-a-kind 1-2 family townhouse or condominium project." 

This lot has been vacant for years. The four-floor building adjacent to this lot was demolished in 2008 (see below!) to make way for the five-story luxury rental that stands here today. 

Luxury rental building sells for $10 million on 5th Street

The newish luxury rental at 532 E. Fifth St. between Avenue A and Avenue B arrived on the sales market in July 2015 with an asking pricing of $12.5 million.

The Real Deal reports that Forest City Ratner Companies is the new owner, buying the six-story, 10-unit building for $10.4 million. Rents range from $3,950 for a one-bedroom apartment to $8,900 for a three bedroom.

The Cushman & Wakefield listing mentioned that No. 532 was "an excellent opportunity for an investor to purchase a high cash flowing, low maintenance asset, or an immediate condo conversion project."

Forest City Ratner has not revealed their plans for the building yet.

Now! A return trip to the EVG archives to when the demolition started on the previous building here in November 2008…



Previously on EV Grieve:
Beaming up on Fifth Street

Demolition on East Fifth Street

On the way: A five-story apartment building for Fifth Street

532 E. Fifth St. ready for renting

Why yes — you can rent an apartment on East Fifth Street between A and B for $13,500 a month now

Not-at-all out-of-place-looking luxury rental building for sale on East 5th Street

Let's head over to 530-532 E. Fifth St. between Avenue A and Avenue B, where this six-story, 10-unit rental is now on the market…

Here's the pitch via Cushman & Wakefield:

The building was built in 2013 using high quality, energy-efficient materials and features a virtual concierge, video security, and common roof deck with elevator service. The residential units are in excellent condition and feature chef’s kitchens, reclaimed wood flooring, oak doors, Caesarstone kitchen countertops, pre-wired alarm systems, individual temperature controls and HVAC systems (tenant expense), washers/dryers, stone tiled bathrooms, and private outdoor balconies. Additionally, units 1R and 1F have private gardens, and unit 5R has a private roof deck.

The property is only two blocks south of Tompkins Square Park and less than four blocks from the F train stop at 2nd Avenue. It is also within close proximity to popular neighborhood hot spots such as the famous Orpheum Theater, the East River Park, the Bowery Hotel, and The Standard East Village. This is an excellent opportunity for an investor to purchase a high cash flowing, low maintenance asset, or an immediate condo conversion project in the heart of the East Village.

Rentals here average about $6,200, per Streeteasy.

And the building price: $12.5 million.

Now we'll head back into the EVG archives to when the demolition started on the previous building here in November 2008…

East Village apartment with 3-level zen garden now asking $10,000 monthly

When we last checked in on 532 E. Fifth St. in the fall, the newish eco-friendly apartment building between Avenue A and Avenue B, we were admiring the $13,000 apartment that came with its own THREE LEVEL PRIVATE PLANTED ZEN GARDEN (in the all-cap style of the listing).

As nice as all this sounded, the accompanying images were seemingly (and hilariously!) taken with the camera on the fisheye setting (Walleye Vision!)

Flashback!

Whooooaaaaa... careful, don't fall onto the grill...

Now TOWN is the broker, and the apartments have just been relisted... and they are (slightly) reduced. Here are the two prime rentals via TOWN:

• Penthouse #5R, renting for $9,900/month, is a 3 bed, 3 bath and features a private terrace, as well as a private roof deck. The space includes a large living room, gourmet chef's kitchen with a breakfast bar and in-unit washer/dryer, with access to a private terrace. The upper level offers a second living room and access to a private roof deck. Reclaimed oak wood flooring throughout, with American slate floors in the kitchen and bathrooms.

• Garden #1R, on the market for $10,000/month, has 3 beds and 1.5 baths and features a private, three-level, 860-square-foot Zen garden, an open chef’s kitchen and dining room with southern exposures overlooking the garden. The garden-level apartment features a flex living room with stone floors, an in-unit washer and dryer and access to the garden.

And the accompanying photos (these are the garden apartment) are no longer wonky.





...and the penthouse...





No word if you can hear the patrons of the Ace Bar from up here.

[Photos via TOWN]

Previously on EV Grieve:
Beaming up on Fifth Street

Demolition on East Fifth Street

On the way: A five-story apartment building for Fifth Street

532 E. Fifth St. ready for renting

Why yes — you can rent an apartment on East Fifth Street between A and B for $13,500 a month now

Here is the rest of the former Cabrini Center (aka 'The Neapolitan'?)

On Friday morning, we noted that workers had removed the scaffolding and construction netting from the former Cabrini Center on Avenue B and East Fifth Street ...

By the end of Friday, the East Fifth Street side was free of all that as well. And here's how the incoming luxury residences look ...

We were unsure if this was the final paint job, dubbed by commenter RD as The Neapolitan (in honor of the ice cream).

No word on what the actual building name will be...

Why yes — you can rent an apartment on East Fifth Street between A and B for $13,500 a month now

[EVG file photo]

Back in June, we ran a very similar headline about a showcase-y apartment at the new 532 E. Fifth St. between Avenue A and Avenue B. A new apartment was asking a rather incredible $13,000 for rent. The listing didn't have many details. And it sort of disappeared... But it returned Thursday to Streeteasy.

Now, there are so many details, the listing at No Fee Rentals is exploding with ALL CAPS!

OUTSTANDING ONE OF A KIND DUPLEX APARTMENT with your very own THREE LEVEL PRIVATE PLANTED ZEN GARDEN. The main level of this amazing apartment home features an open chef’s kitchen and dining room bathed in southern light overlooking your private garden, a spacious queen sized bedroom and a stone tiled bathroom. The garden level features a huge living room with stone floors, an additional half bath, in unit washer and dryer and access to the STUNNING THREE LEVEL GARDEN that must be seen to be believed. All located in a brand new luxury rental property in the heart of the trendy EAST VILLAGE.

Oddly enough, as luxurious as all this sounds ... the listing is accompanied by a handful of photos someone shot with the the fisheye setting (Walleye Vision!)

Or maybe we're supposed to imagine how this all looks through the front door's peephole.

Previously on EV Grieve:
Beaming up on Fifth Street

Demolition on East Fifth Street

On the way: A five-story apartment building for Fifth Street

Why yes — you can rent an apartment on East Fifth Street between A and B for $13,000 a month

The last time that we checked in on 532 E. Fifth St. between Avenue A and Avenue B, the new, eco-friendly building had two-bedroom apartments for upwards of $5,600. We paid a return visit to Streeteasy and found one listing for — $13,000. (And no fee — ha!)

Just a few specifics mentioned at the No Fee Rentals website ... (Three bathrooms ... private balcony... deck) It is available starting today...

The listing for a $13,000-a-month apartment hilariously mentions that "The East Village attracts people not only for its diversity, but for its relatively affordable rents."

Hell, yeah — we're just giving stuff away over here!

The market price has been set on this block. Your move, Ben.

Previously on EV Grieve:
Beaming up on Fifth Street

Demolition on East Fifth Street

On the way: A five-story apartment building for Fifth Street

East Fifth Street gets part of its sidewalk back

The demolition of the townhouse at 532 E. Fifth St. and the construction of its replacement started in November 2008... @zmack passed along the above photo this morning, noting that the "scaffolding on 5th st *finally* came down today! It's been at least 2.5 years since I've seen that sidewalk."

Indeed. Welcome back, sidewalk.

Anyway, as Curbed pointed out a few weeks back, some of the units in the building located just west of Avenue B are on the market. "The entire building consists of 2BR, 2BA rentals with a sustainable bent. Amenities: common roof deck and garden, in-apartment washer-dryer, building-wide secure WiFi, and general eco-friendliness."

There is an active listing for a unit at $5,695.

Previously.

532 E. Fifth St. ready for renting

Figure it's time to look in again at 532 E. Fifth St. between Avenue A and Avenue B. Curbed had an update last week on the 10-unit apartment building. Here it is as of yesterday:

As Curbed noted: "The entire building consists of 2BR, 2BA rentals with a sustainable bent. We see one listing, for $4,495/month. Amenities: common roof deck and garden, in-apartment washer-dryer, building-wide secure WiFi, and general eco-friendliness."

That listing is no longer available as of yesterday on Streeteasy. There is an active listing for a unit at $5,695.

The listing at No Fee Rentals notes, "The East Village attracts people not only for its diversity, but for its relatively affordable rents. The East Village is also known for its nightlife — a must see is Saint Mark's Place, which is famous for its many clubs, bars, cafes, and restaurants."

In February 2011, someone affiliated with the project told us that the owner of the brownstone that once stood here wanted to rehab the building, but there were serious problems with the foundation.

Or, as a piece in Real Estate Weekly put it yesterday: "The project began as the restoration of a brownstone, but the structural integrity of the building made it cost prohibitive to save, so the complete removal of the building was necessary."

According to that article, Jakobson Properties hired DOORtoDOORrealty, the Staten Island-based development firm, "to ensure the property adds to, rather than detracts from, the neighborhood's attractiveness and pride."

What do you think?

And from our archives, a few photos of the demolition and subsequent construction...



Previously on EV Grieve:
Beaming up on Fifth Street

Demolition on East Fifth Street

On the way: A five-story apartment building for Fifth Street

An update on the Greenpointing of the East Village

It has been four months since we last looked in on the new apartment complex rising on East 5th Street between Avenues A and B. When we last looked at the rendering, a Curbed tipster noted that it was reminiscent of the “condos going up in Greenpoint.”

Which brings us to today, where we now have a better idea of what 532 E. Fifth St. will look like. (Uh, the photo on the left.)

Well, we don’t know about Greenpoint, but the building is green, right down to the promised rooftop gardens.

And! A view of the back of the building...

Previously on EV Grieve:
Beaming up on Fifth Street

Demolition on East Fifth Street

On the way: A five-story apartment building for Fifth Street