Tuesday, January 2, 2018

Building that housed Lucky Cheng's on 1st Avenue now on the auction block

After failing to attract a buyer in recent years, the potential development sites at 24 First Ave. (the onetime home of Lucky Cheng's) and 99-101 E. Second St. will be put up for auction later this month...

The auction is Jan. 24 at 1 p.m. Here are a few details about that from the auction site:

Terms & Conditions of Sale: Property will be sold free and clear of all monetary liens. In order to register to bid, all prospective bidders must present a cashier’s check in the amount of $1,000,000 made payable to “____________________”. Within 48 hours following the auction, Successful Bidder must post a deposit in the total amount of 14% of the high bid.

Landlord Carmar Development, LLC, had put the two-building parcel up for sale in February 2017. (We wrote about that here.) The L-shaped properties were seeking $26 million then.

As for what a new landlord might be able to do here, we'll go back to the auction site:

Currently Improved with a 7,748 Sq Ft Mixed-Use Building & 4,648 Sq Ft Retail Building
Substantial Unused Air Rights
• 28,540 Sq Ft Buildable Site (3,418 Sq Ft Cellar) – Per Architect Plans, with Inclusionary Housing
• 26,483 Sq Ft Buildable Site (5,297 Sq Ft Cellar) – Per Architect Plans, without Inclusionary Housing & with Full Lot Merge
• 24,610 Sq Ft Buildable Site (5,298 Sq Ft Cellar) – Per Architect Plans, without Inclusionary Housing

Annual Real Estate Taxes: $141,977
Currently Vacant

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

Report: New owners of building that housed Lucky Cheng's looking to attract restaurant group

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


Anonymous said...

The buyer will also have the pleasure and distinction of being on either side of Spiegel Cafe, a failing biker bar on the corner. Every Tuesday night the new tenants can enjoy "Two Wheel Tuesday," a block party where 30-40 bikers hang out all night on 2nd St and 1st Ave, revving their engines, yelling at each other over the noise, harassing women, circling the block and repairing their bikes. The good news is that local pols like Rosie Mendez and the 9th Pct refuse to do anything about the noise, so the new tenants can be assured of enjoying the festivities without interruption. Good times!

Gojira said...

There should be no way any development WITHOUT inclusionary housing is allowed to be built on this site (since we all know the old building will come down and something new, shiny and "improved" will go up in its stead). But given the need for housing other than luxury, how is any developer allowed to build without putting in units for the less "fabulous"?!?

Anonymous said...

What's the over under on the bid? Buyer will be going to a hole in the ground but I think there are still tenants in lot 12. I figure 14 million based on my complete lack of knowledge of the real estate business.

@8:32 AM - Rosie Mendez is no longer in office. Spare us hilarious puppet master insinuations and start bashing Carlina. It's 2018!

Anonymous said...

The current real estate taxes are $142,000. Between the cost of the building, construction costs, and the taxes it only makes sense to build luxury housing.

Anonymous said...

@9:59am: Still suffering from a hangover?? Yeah, Carlina is IN, as of YESTERDAY, but Rosie was in for all those previous years until midnight Sunday - so the commenter @8:32am is correct that Rosie gets the blame for being ineffective on this item.

An Old LES Queen said...

Ah take me back to the delightful gay bath house that was once there....those wee the days my friend, we thought they'd never end.....but oh that chilly passage where the two buildings connected.....

Anonymous said...

old les queen, do you mean cave canem? wish those days never ended!

Giovanni said...

There’s so much DNA embedded on those ol floors you could come back in a thousand years and recreate Jurassic Park.

Anonymous said...

The Club Baths - Jeremiah covered some of the history a few years ago http://vanishingnewyork.blogspot.com/2011/12/history-at-lucky-chengs.html

This ad from 1978 is great: http://photobucket.com/gallery/user/stinkylulu/media/bWVkaWFJZDo2NzkxMjY5OQ==/?ref=

Sad if this building goes, the apartment on the top floor (which I think was Hayne's) had a lovely big rooftop space outside at the back.

JQ LLC said...

"Substantial Unused Air Rights"

How much is substantial? It looks like you're gonna get another 20 story warehouse style condo building.