Monday, May 18, 2020
That long-empty corner lot at 14th Street and Avenue C has a new owner
[EVG file photo]
The southwest corner of 14th Street at Avenue C — 644 E. 14th St. — remains an inactive development site.
And now it has yet another new owner. As Bisnow reported, Shulamit Prager’s Opal Holdings sold the property to Madison Realty Capital for $31.3 million.
Opal had plans for a 50-unit mixed-use building on the site.
There hasn't been any construction activity at this site since the end of 2017. However, there has been some behind-the-scenes wrangling. In May 2019, PincusCo examined city records to find that several developers have spent hundreds of thousands of dollars to lobby the city for NYCHA air rights. (The latest listing noted that "additional FAR" is available.)
According to the PincusCo investigation, Madison Realty Capital hired one of the city’s most active government lobbying firms, Capalino+Company, to approach the NYCHA about the air rights at Campos Plaza II adjacent to this property.
This past November, a new listing for the property positioned the corner as a "unique build-to-suit opportunity." According to the listing at Lee & Associates, the site "can be developed as a residential/commercial mixed use building" that's "ideal for schools, health care/medical, not-for-profits, retail." There wasn't a mention of price.
Also: In January 2019, the Commercial Observer reported that Second Avenue Deli owner Jeremy Lebewohl filed a $10 million lawsuit alleging that his five-story residential building at 642 E. 14th St. sustained damages by the foundation work next door at No. 644.
As for the most-recent stalled development, here's what was in the works in September 2016: A 15-floor building with 50 residential units with 8,064 square feet of retail space and 21,575 square feet of community facility space."
[2016-era rendering of the development]
This corner property last housed the single-level R&S Strauss auto parts store, which closed in April 2009.
Previously on EV Grieve:
• Development back in play for East 14th Street and Avenue C
• More details on the sale of 644 E. 14th St.
• Here comes a 15-story retail-residential complex for East 14th Street and Avenue C
• Prepping the former R&S Strauss auto parts store for demolition on East 14th Street and Avenue C
• City OKs 15-story mixed-use retail-residential building on 14th and C
• 14th and C now waiting for the Karl Fischer-designed 15-story retail-residential complex
• 14th and C still waiting for its Karl Fischer-designed retail-residential complex
• Report: New owners for the empty lot at 14th Street and Avenue C