Thursday, September 1, 2022

The pits: Workers digging in for the future office building at 1 St. Mark's Place

If you've walked by the NE corner of Third Avenue and St. Mark's Place recently, then you've likely noticed that construction has restarted on the future 9-story office building (with retail!) for the lot. 

Workers are digging into the pit ... there's an excavator and Davey drill on site now.

Work had been stopped for nearly 10 months until the developer, Real Estate Equities Corp. (REEC), received a $70-million loan to kickstart the project. REEC plans on 53,000 square feet of office space and some 7,700 square feet for retail.

The building, officially 1 St. Mark's Place, is slated for a summer 2024 completion. Our previous post has more details about what has transpired here to date. 
REEC picked up the 99-year leasehold for the corner properties for nearly $150 million in November 2017. The previous assemblage, which included retail tenants such as Korilla BBQ, the Continental and McDonald's, was demolished in 2019.

Thanks to Steven for the top photo!
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7 comments:

  1. AnonymousSeptember 1, 2022 at 5:55 AM

    RIP St. Marks

    ReplyDelete
  2. AnonymousSeptember 1, 2022 at 10:31 AM

    All of these truly ugly office buildings have a lifespan of 30 years or less before they'll get demolished for something even worse.

    ReplyDelete
    Replies
    1. AnonymousSeptember 4, 2022 at 2:56 PM

      Have you looked at a rendering of the office building that is going up.
      Obviously not.
      Anything on st.
      Marks Pl is better then the way it has been for the last 3 years.

      Delete
  3. AnonymousSeptember 1, 2022 at 11:01 AM

    They should call it the Spacely Building.

    ReplyDelete
  4. AnonymousSeptember 1, 2022 at 11:07 PM

    Wow, they got financing for a building no one needs, and retail that will likely remain empty.

    The good news about the 99-year lease is that none of us will be here when it ends! Some future neighborhood blog (or whatever is next) will then chronicle the crazy old days of the so-called "East Village", before it turned into corporate/edu-business "Blandsville".

    ReplyDelete
  5. AnonymousSeptember 2, 2022 at 9:30 AM

    Hopefully the rats will eat the foundation of this monstrosity and the building will sink

    ReplyDelete
    Replies
    1. AnonymousSeptember 4, 2022 at 6:27 PM

      Think positive.
      If it was up to you, the third Ave L would still be on third Ave.
      St. Marks Pl is been and gone.
      We need to grow.
      What was, was…

      Delete

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