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.
Wow
ReplyDeleteWow... from $40mill to $57mill. And under the City of Yes. this building is going to be a monster. Of course a lot of the apartments will be sublet for investments. That's a new trend in the city. Initial renters sublets the apt for a higher rent. In my small building there are 2.
ReplyDeleteSounds cheap … and what will be “affordable “ . $4000 a month instead of 7000
ReplyDeleteThese streets will inspire you, make you feel brand new.
DeleteNo they will be lotto apts and Ami stuff
DeleteI would like to a Trader Joes on the first floor, giving Whole Foods a run for their money since they are across the street.
ReplyDeleteGemini bought the land for $55 million 6-7 years ago and spent another $20-25 million on soft costs. Now they walk away with their tail between their legs. Not exactly a great return on their investment. Gives new meaning to FAFO. Can't wait to see what transpires between Mr. Proto and Mr. Lipschitz. Pass the popcorn 🍿
ReplyDeleteMr. Proto, local hero and activist , I wish you the best with the new neighbors . Gemini let those properties sit and rot for years. They did not maintain the exteriors at all either. It was an eyesore. When they were finally knocked the buildings down City agencies had to come into the neighborhood to deal with the explosion in rats which took years to bring back to “normal “ levels just recently. When contacted Gemini said they followed the law and exterminated at surrounding properties as required. They would not consider working with anyone else in the neighborhood who was so adversely affected for years. This includes the surrounding gardens and cemeteries much less every sidewalk tree well.
ReplyDeleteAre people actually suggesting this space remain empty indefinitely? We live in a capitalistic society. Of course this development is about money. What else would it be about?
ReplyDeleteAlways fantasized about having a Warriors moment in there • Punk show before construction starts?!
ReplyDelete