Long-vacant 2nd Avenue site is under contract for $57M

Photos by Stacie Joy 

Reporting by SJ and EVG 

More details have emerged about the buyer of the long-vacant development site on Second Avenue between Second Street and Third Street. 

Earlier this month, we noted that the listing for the property had been marked "SOLD," although no transaction had appeared in public property records. 

A filing with the Hong Kong Stock Exchange now shows the property is under contract in a $57 million deal, with closing scheduled for on or before Dec. 15.

The seller, Second and Second Property LLC, an indirect wholly owned subsidiary of Hong Kong-based Gemini Investments (Holdings) Limited, entered into purchase agreements on July 31 with Moundfield Village LLC. 

The filing identifies Abraham Lipschitz as the purchaser's ultimate beneficial owner. According to information provided to EVG, developer Yoel Schwimmer is partnering with Lipschitz on the project. 

The $57 million consideration includes $45.25 million for the land and $11.75 million for certificates representing 20,804 square feet of affordable-housing floor area. 

The approximately 14,000-square-foot vacant parcel, identified in the filing as 42 Second Ave., was assembled by Gemini Rosemont in 2020 and includes the former site of the Church of the Nativity.

As previously reported, plans for an 11-story mixed-use development stalled after the Department of Buildings revoked permits following an audit prompted by complaints from neighboring property owner Robert Proto. Gemini later put the assemblage on the market.

For now, despite the "SOLD" designation on the brokerage listing, the transaction has not yet closed.