Wednesday, March 28, 2018

Onetime home of Lucky Cheng's and adjacent property sell for $12 million

[24 1st Ave.]

The potential development sites at 24 First Ave. (the onetime home of Lucky Cheng's) and 99-101 E. Second St. have a new owner.

[99-101 E. 2nd St.]

Sergey Rybak of the South Brooklyn-based Rybak Development was the winning bidder during an auction last month. According to a news release from EPIC Commercial Realty, who represented the buyer and the seller, the winning bid was $12.25 million.

The property can be developed with or without the inclusionary housing air rights, providing between an additional 19,000 and 22,000 square feet. No word yet about what Rybeck plans to do with the L-shaped assemblage...

As previously reported, landlord Carmar Development, LLC, put the two-building parcel up for sale in February 2017. (We wrote about that here.) The properties were seeking $26 million at that time. Uri Marrache, a principal at Carmar Development, was reportedly at risk of defaulting on his $11 million loan against the vacant buildings.

Hayne Suthon, who owned and and operated Lucky Cheng's, the cross-dressing cabaret, also lived on the upper floors at 24 First Ave. 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

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

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

1 comment:

Neighbor said...

What is the story with the building with Spiegel? Presumably the play here is to buy that one, smash them together, and build something new?