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
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