Wednesday, July 20, 2011

Stalled development site on Eighth Street and Avenue D asking $5.2 million

Here at 401 E. Eighth St. at Avenue D, this empty lot has sat, uh, empty for years. The DOB OK'd permits for a six-story building in 2006. But those plans never materialized. We last checked in on the space in February 2010.

And now (and above)...

However, there's activity again at this address. Eastern Consolidated is now marketing 397-401 E. Eighth St. Here's the news release that they issued:

A 4,324-square-foot vacant residential development site in Manhattan’s East Village that could accommodate an 11-story, 25,955-square-foot building, is on the market for sale through Eastern Consolidated. Situated only 50 feet from Avenue D, the L-shaped irregular site is priced at $5.2 million.

Eastern Consolidated’s Senior Director and Principal Alan P. Miller with Senior Financial Analyst Paul Nigido are co-marketing 397-401 East 8th Street with Lee Odell Real Estate Inc., on behalf of seller Samtel East 8th Street LLC.

“The East Village is booming,” noted Mr. Miller. “The neighborhood has become a very trendy enclave, particularly for young people, offering a wide variety of ethnic restaurants, boutiques and specialty shops. This site offers 67 feet of frontage on East 8th Street, and new construction is taking place directly across the street and just south on Avenue D.”

[Updated: Didn't realize that Sam Chang bought this lot back in 2007... Curbed has those details here ... and here...]

By the way, thanks to a link from EV Grieve reader Adam A., we know how the address looked in 1923... also vacant...

[Via NYPL]

Previously on EV Grieve:
Meanwhile, before we christen Avenue D the next Greenpoint...

1 comment:

Ken from Ken's Kitchen said...

Maybe the marketeers are having trouble marketing "trendy Ave D" and "“Jacob Riis Houses" as if they are some kind of exotic, spicy mix.