Tuesday, May 23, 2017

New broker for former home of Lucky Cheng's and adjacent property

There's a new broker for the potential development sites at 24 First Ave. (the onetime home of Lucky Cheng's) and 99-101 E. Second St. The adjacent properties now feature the Eastern Consolidated broker signage...

Landlord Carmar Development, LLC, had put the two-buidling parcel up for sale back in February. (We wrote about that here.)

Here's the new listing (PDF is here) via Eastern Consolidated:

The Property consists of two existing mixed-use buildings with frontage on both First Avenue and E. 2nd Street in the extremely desirable East Village. Both buildings will be delivered vacant.

The offering presents multiple options going forward including becoming components of a larger assemblage for a new construction development project, with up to ±30,000 buildable SF, redeveloping the Property by renovating and enlarging the existing structures or repositioning for a national retailer or user purchaser seeking to control a location for ±10,000 SF of multi-level retail and a mix of other uses.

Pricing upon request. The L-shaped properties were seeking $26 million back in February. (The properties were also available for net lease. That deal is no longer apparently an option.)

The sales materials include a variety of diagrams showing the development potential here...

... and the aerial view...

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.

Suthon had owned the properties 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

Onetime home of Lucky Cheng's and adjacent property on the development market for $26 million

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