Wednesday, January 3, 2024

2024 development watch: 42-46 2nd Ave.

Our look at potential 2024 development now focuses on the empty lot along the east side of Second Avenue between Second Street and Third Street, the site of an abandoned development project.

The parcel hit the sales market in October... Avison Young has the listing for the lot — billed as a "redevelopment property" for "multifamily development." 

As previously reported (first here), there were approved work permits for an 11-floor mixed-use building on the site of a former three-building parcel.

Gemini Rosemont Development was behind this 100,568-square-foot new building ... the development, using 42 E. Second St. for its address, included 88 residential units and 9,600 square feet for retail.

However, those plans are obviously officially dead as the city moved to revoke the permits thanks to the tenacious efforts of Robert Proto, the landlord of 50 Second Ave. The Real Deal highlighted his role in this article.

In 2020, Gemini Rosemont spent more than $50 million to assemble the development ... buying the former La Salle annex at 38 Second Ave. and Second Street. The $14.5 million purchase of the four-story building was the third of three contiguous plots they acquired. The Los Angeles-based commercial real estate investment company closed on 42-44 Second Ave. and 46-48 Second Ave. (the former Church of the Nativity) in March 2020 for $40 million

While it's unlikely we'll see any construction commence on the site this year, we'll likely find out the new owner and their plans.


Anonymous said...

Let’s not forget that the developer let all the buildings deteriorate as they bought up all those buildings. And during lockdown it got even worse which was hard to believe. Once they cleared the lot it caused a huge wave of rats to disperse throughout the surrounding neighborhood. Mr. Proto is a local hero and so thankful that he persevered and was able to stop predatory developers who ignored proper permitting.

Anonymous said...

Indeed. Mr Proto is a local hero. Go buy a pizza from him today. He’s facing a new threat from an outside of the neighborhood competitor who has set up a much larger operation selling pizza a block to the north.

Anonymous said...

Leave proto alone!!!!

Anonymous said...

Perhaps the city should build a permanent shelter for the homeless here?

Anonymous said...

We need more housing. Lets not let this sit there unused. There is a housing crisis in NYC we need to build more.

Anonymous said...

Update...Gemini is now not selling since the highest offer would have resulted in a significant loss for them. What will they do next?