[Photo from March 2016]
In March 2016, there were reports that the building that once housed Lucky Cheng's on First Avenue and an adjacent property on Second Street were in the process of being divided by new landlord Carmar Development, LLC.
Now, though, Uri Marrache, a principal at Carmar Development, is putting the two-buidling parcel up for sale for development.
Here's a news release on the property that arrived in our inbox yesterday:
The adjoining, L-Shaped properties enjoy combined frontage of 60' spread across East 2nd Street & 1st Avenue; buildings are comprised of roughly a 14,000 SF structure and boast around 12,000 SF of unused air rights; located in a versatilely zoned area. The properties can be acquired for $26 Million.
Both buildings are also available for Net Lease.
24 1st Avenue & 99-101 East 2nd Street are strategically located along the vibrant 1st Avenue corridor in the East Village. The properties are located within four blocks from Peter Brant's illustrious exhibition space at the celebrated artist — Walter De Maria's historic home; which has nurtured and pioneered a new era of artistic progress within the region. The Notable Art Collector & Industrialist recently purchased the legendary property for $27 Million.
A flurry of progressive & chic development projects have transformed the nature of the immediate area, further characterizing the region as New York City's most desirable destination to live, shop, and play. The New Museum and world-renowned eateries like Katz's Deli, Daniel Boulud's DBGB, Russ and Daughters; the emergence of several prominent art galleries; have all fostered the majestic aroma of the neighborhood.
These factors, coupled with the pre-existing dynamism of the investment & residential sales markets have paved the way for unwavering cultural and economic growth in the East Village and Lower East Side. All the while, neighboring development projects such as 215 Chrystie Street by Ian Schrager have registered sales at unprecedented condominium prices, thus cementing the region's aesthetic appeal and establishing the East Village & Lower East Side as amongst the world's most magnetizing neighborhoods.
The properties are ripe for a user who is seeking to benefit from the unparalleled retail presence on both 1st Avenue and East 2nd Street. The acquirer will also be able to creatively utilize the curb cut (on 99-101 East 2nd Street) and the vast ceilings, coupled with unique layout; while capitalizing on the underlying development potential of the properties. The acquirer is also certain to benefit from the inevitable reallocation of retail value from the neighboring corridors in SoHo & NoHo.
Here's an aerial view of the properties...
Hayne Suthon, who owned and and operated Lucky Cheng's, the cross-dressing cabaret, also lived in the building. She died of cancer at age 57 in June 2014.
She had been in a legal fight with the operators behind Pride and Joy BBQ, who were renting the space to open a 220-seat honky tonk. (You can read more about this lawsuit here and here.)
The East Second Street space had been home to an array of short-lived concepts in recents years, including Bento Burger ... Marfa... and Waikiki Wally's...
[Photo from last March]
Suthon had owned the property since 1986, paying $800,000, city documents show. According to public records, the address changed hands to Carmar Development in February 2015 for a little more than $9.6 million.
Previously on EV Grieve:
Myron Mixon's Pride & Joy BBQ now in the works for the former Lucky Cheng's space
Fire reported at incoming Pride and Joy BBQ on East Second Street
Myron Mixon lawsuit puts opening of Pride and Joy BBQ in question at former Lucky Cheng's space
More alterations for the Pride and Joy space
Report: Pride and Joy BBQ partners suing landlord Hayne Suthon for $22 million
Pride and Joy's unpaid electric bill