Sure, it may just look like a hole in the ground now...

This abandoned hole-in-the-ground project at 427 E. 12th Street between Avenue A and First Avenue has been on the market...



At one point five residential floors were going to be added to the existing storefront. Dunno what happened to those plans. Here's the listing:

East Village residential rental development opportunity, with FOUNDATION already in place. The foundation was poured prior to the June 2008 421-a deadline, enabling the full property tax exemption benefits. This site has plans for a six story (plus cellar and roof), 12 unit, rental building, w/ a total of 12,952 gross SF (10,741 SF above grade, 2,211 SF below grade). A Condo plan is also available. Another option is to file an “alt plan”and develop the property to custom specifications while still maintaining the 421-a tax benefits. This is a unique project for a developer or user and is ready to go. Priced at $178 per gross buildable square foot, this is an opportunity not to be missed.

Here's what it could look like!