Monday, May 21, 2012
Report: Space that houses Rite Aid on Avenue D hits market for $22.5 million
That above stretch of retail that includes a Rite Aid on Avenue D between Seventh Street and Sixth Street hit the market today for $22.5 million, The Real Deal reported. The site is earmarked for a residential development that "could potentially rise 12 stories" — particularly with "the creation or preservation of affordable housing."
In a news release announcing the sale, Eastern Consolidated's Alan Miller said, "The residential portion of the building will, no doubt, provide spectacular views of Manhattan as well as views of the East River and beyond."
Read The Real Deal piece here.
Posted by Grieve at 3:51 PM
Labels: 79-89 Avenue D, Avenue D
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"Spectacular views" and "affordable housing" seldom seem to go together.
Oh shit. Here we go. Real estate sector crossing thebRubicon. How long before all of us east of ave b need to move to make way for the gold coast? Hope the double dip hits before Manhattan is completely sterilized.
fyi. there's already yuppified rentals on Avenue D. gentrification has already hit that stretch. it's inevitable. hopefully one day they convey ownership to folks in the Avenue D housing project so they can sell out and make way for new development.
makes sense. kinda was waiting for hear something was going to happen. finally. i thought it'd be awhile. having that rite aid sitting there is a waste of good space. (although i did have to make an emergency run to rite aid about 6 months ago for a hair dryer on the behalf of a friend and it worked out beautifully.)
How much longer before occupants of the Avenue D projects are forced out for folks willing to pay top dollar for those "spectacular views?"
I agree BabyDave.
I seriously doubt the public housing residents will be offered ownership - the location is too nice. Some of the views must be really excellent of the river.
Maybe the spectacular views will help residents relax after waiting in line for 45 minutes at Rite Aid. C'mon Rite Aid employees! Open another register!
i'm moving to alaska
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