Why this new condominium remains tenant-free in the East Village

Photos by Stacie Joy 

We've fielded a few reader queries about Novum East Village, the residential complex at 238-240 E. Third St. between Avenue B and Avenue C. 

The 20-unit building is complete, with units — between $1.3 and $2.3 million — arriving for sale in the spring of 2022, per City Realty. 

So why is Novum still tenant-free? 

This development is one of three Manhattan projects sitting in limbo following a lawsuit involving a "sanctioned Russian oligarch" who is allegedly trying to "blow up" his investments via shell companies, according to a lawsuit. The Post and The Real Deal have details on the lawsuit that dates to the summer of 2022. 

Per the Post: 

[Mikhail Vasilyevich] Klyukin, 44, accused the various companies managing the projects of wrongdoing and claimed his own company, Ahimsa, should assume control — but never said what the alleged wrongdoing was, according to the litigation filed by D&V Realty and other corporations developing the projects. 

While all this is pending in the court system, Novum remains dark. There have been rumors of squatters taking spaces here. (Sources tell us there is a porter on the property at least once a week.)

Per Streeteasy listings, this is what any resident can expect: 

Live at the newest, quintessential East Village condominium, the Novum East Village. A thoughtfully designed full-service building. Home to a collection of just 20 residences, ranging from 1 and 2 bedrooms, offering multiple floor plan layouts, with and without outdoor spaces. On top of the building sits a crown jewel penthouse with magnificent city views from any of its three private outdoor spaces.

Building amenities include a part-time and virtual doorman, cold storage and package locker, gym, common courtyard with BBQ grill, complimentary bike storage, and large private storage rooms. 

Residents will enjoy the modern finishes, including a video doorbell by Ring, 10” wide hardwood floors, open, chef kitchen – outfitted with German cabinetry by Bauformat, Bertazzoni appliances, wine fridge, Caeserstone countertops with glass backsplash, breakfast island, large windows, elegant bathrooms with radiant heat floors, multi-zone central air, great closet space, an oversized laundry room with built-in washer/dryer units and private outdoor spaces available in selected units.

The address previously housed a movie theater and rehearsal space for Blue Man Group. In April 2018, the developer, through an LLC, bought the two-story commercial building for $12 million (per Acris).

Listing agents at Compass did not respond to queries about the building.

Novum EV comes into full view

The sidewalk bridge and scaffolding recently came down at the new 7-floor residential complex with 20 units — known as Novum EV —  at 238 E. Third St. between Avenue B and Avenue C. (Thanks to Stacie Joy for the photo!)

Sales are still pending for the 1- and 2-bedroom units (and penthouse). Noted amenities on the plywood signage include a fitness studio and wet bar, outdoor recreation area, cold storage and triple glass exterior windows.

Landlord Vinbaytel Property Development is behind several other East Village condos in recent years, including at 227 E. Seventh St., 67 Avenue C and 26 Avenue B.

Workers demolished the previous building on the lot, a two-level structure once owned by the Blue Man Group, in the summer of 2019. 

Novum EV is situated between the historic Nuyorican Poets Cafe and the great Rossy's Bakery & Café ... and across the street from the trouble-plagued Mariana Bracetti Plaza.

Previously on EV Grieve:
7-story residential building planned for former Blue Man Group facilities on 3rd Street

Development watch: Novum EV

Here's a look at the 7-floor, 20-unit residential building under construction at 238 E. Third St. between Avenue B and Avenue C.

The broker bunting arrived on the sidewalk bridge here earlier in the summer for the condoplex, which is going as Novum EV (Or NOVUM EV)...





The listings for the 1- and 2-bedroom units (and penthouse) do not appear to be online just yet. Noted amenities include fitness studio and wet bar, outdoor recreation area, cold storage and triple glass exterior windows.

Landlord Vinbaytel Property Development has put up several East Village condos in recent years, including at 227 E. Seventh St., 67 Avenue C and 26 Avenue B.

Workers demolished the previous building on the lot, a two-level structure once owned by the Blue Man Group, in the summer of 2019.

Previously on EV Grieve:
7-story residential building planned for former Blue Man Group facilities on 3rd Street

Construction watch: 238 E. 3rd St.

Work appears to be moving along at a quick pace here at 238 E. Third St. between Avenue B and Avenue C.

As previously reported, a 7-floor, 20-unit residential building is slated for this property.

We still haven't seen any renderings of the new No. 238. Landlord Vinbaytel Property Development has put up several East Village condos in recent years, including at 227 E. Seventh St., 67 Avenue C and 26 Avenue B.

Workers demolished the previous building on the lot, a two-level structure once owned by the Blue Man Group, early last summer.

Previously on EV Grieve:
7-story residential building planned for former Blue Man Group facilities on 3rd Street

So long to 238 E. 3rd St.

Workers have finished demolishing the two-level structure at 238 E. Third St. between Avenue B and Avenue C, as this photo via EVG reader David shows.


[Photo by @jason_chatfield]

As previously reported, a 7-floor, 20-unit residential building is slated for this property, previously owned by the Blue Man Group.

Vinbaytel Property Development is the newish owner of No. 238. As for what the new building might look like (no renderings yet), Vinbaytel has developed several East Village condos in recent years, including at 227 E. Seventh St., 67 Avenue C and 26 Avenue B.

Previously on EV Grieve:
7-story residential building planned for former Blue Man Group facilities on 3rd Street

A visit to Rossy's Bakery & Café on 3rd Street

Demolition watch: 238 E. 3rd St.

The demolition continues at 238 E. Third St. between Avenue B and Avenue C... workers have been chipping away at the two-level structure.

Per EVG reader David: "I have had the pleasure this past week of listening to workers literally trying to take down this building with — sledge hammers. I was expecting heavy machinery. It’s quite amusing to see the old ways are always best!"



As previously reported, a 7-floor, 20-unit residential building is slated for this property (no sign of any renderings just yet), previously owned by the Blue Man Group. In a previous life, the address served as a single-screen movie theater ... here's a glimpse of the theater circa 1936 via Cinema Treasures...

Demolition watch: 238 E. 3rd St.

EVG reader Bobby G. shares these photos from Tuesday, when workers started erecting the scaffolding to envelope 238 E. Third St. ahead of the building's demolition...



As previously reported, a 7-floor, 20-unit residential building is slated for this property between Avenue B and Avenue C. (New-building permits are still pending with the city.)

The current building, which the Blue Man Group owned at one point for use as a practice facility, also served as a movie theater. Public records from July 2017 list two of the founders of the Blue Man Group — Chris Wink and Philip Stanton — as the previous owners, who received $18.6 million for this and another LES property.

Vinbaytel Property Development is the new owner of No. 238. Vinbaytel has developed several East Village condos in recent years, including at 227 E. Seventh St., 67 Avenue C and 26 Avenue B.

Previously on EV Grieve:
7-story residential building planned for former Blue Man Group facilities on 3rd Street

A visit to Rossy's Bakery & Café on 3rd Street

Plywood watch: 238 E. 3rd St.

The plywood recently arrived outside 238 E. Third St. between Avenue B and Avenue C...



...where there is a pending new building permit for a 7-floor residential complex.

As New York Yimby noted back in March:

The new structure will be designed by Vikatos Architect, and will comprise a total of 20,928 square feet of living area with a total built-up area of 27,657 square feet.

The building will rise seven floors above ground to 75 feet, with additional cellar living area and a basement. 20 rental units are planned, in total, putting the average unit at about 1,046 square feet.

But first, the existing structure needs to be demolished. (Those permits were filed at the DOB in July.) The arrival of the plywood is the first sign of the impending demolition here.

The current building, which the Blue Man Group owned at one point for use as a practice facility, also served as a movie theater. Public records from July 2017 list two of the founders of the Blue Man Group — Chris Wink and Philip Stanton — as the previous owners, who received $18.6 million for this and another LES property.

Vinbaytel Property Development is the new owner of No. 238. Vinbaytel has developed several East Village condos in recent years, including at 227 E. Seventh St., 67 Avenue C and 26 Avenue B.

Previously on EV Grieve:
7-story residential building planned for former Blue Man Group facilities on 3rd Street

7-story residential building planned for former Blue Man Group facilities on 3rd Street

Permits have been filed for a 7-floor residential building at 238 E. Third St. between Avenue B and Avenue C.

Here's more from New York Yimby, who first reported on the development:

The new structure will be designed by Vikatos Architect, and will comprise a total of 20,928 square feet of living area with a total built-up area of 27,657 square feet.

The building will rise seven floors above ground to 75 feet, with additional cellar living area and a basement. 20 rental units are planned, in total, putting the average unit at about 1,046 square feet.

The building, which the Blue Man Group owned at one point for use as a practice facility, hit the market last September with a $12 million ask.

The listing noted at the time: "This is an excellent opportunity for a developer to acquire a 50’ wide development site in the East Village. In addition, considering how unique the building is, the offering presents an incredibly rare opportunity in which the current building and configuration could be maintained for a user."

Given the new-building specs, it appears that the current structure will come down, though demo permits haven't been filed yet.

In a previous life, the building served as a movie theater. Public records from July 2017 list two of the founders of the Blue Man Group — Chris Wink and Philip Stanton — as the previous owners, who received $18.6 million for this and another LES property.

Per NYY, Vinbaytel Property Development is the new owner of No. 238. Vinbaytel has developed several East Village condos in recent years, including at 227 E. Seventh St., 67 Avenue C and 26 Avenue B.

3rd Street development site on the market for $12 million

238-240 E. Third St. between Avenue B and Avenue C is now on the market. The two-story building is next door to the Nuyorican Poets Cafe, which will be undergoing a gut renovation.

Here are the details about No. 238-240 via the listing at Cushman & Wakefield:

The lot is approximately 50’ x 106’ with a lot coverage of 5,253 SF. The building houses offices, a meeting area, and a large theatrical studio with 20’ ceiling heights. Furthermore, it was most recently used by a local entertainment company in which theatrical acts and stunts were arranged. The fire alarm, sprinkler and electrical systems have been upgraded recently. The CO allows for a maximum occupancy of 76 on the ground floor, and 12 on the mezzanine.

The building has approximately 4,500 SF on the ground floor, 850 SF on the mezzanine level and 800 SF in the basement. It is in the R8B zone, which has a 4.00 FAR for residential or community facility uses. The total buildable square footage is approximately 21,000. Note: There is an outdoor walkway alley on the westerly side of the property (the majority of the building is 43 feet wide).

This is an excellent opportunity for a developer to acquire a 50’ wide development site in the East Village. In addition, considering how unique the building is, the offering presents an incredibly rare opportunity in which the current building and configuration could be maintained for a user.

So, the options are build up for some housing... or maintain as a property for theater. Either way, the asking price is $12 million.

In a previous life the building served as a movie theater. Public records from July list two of the founders of the Blue Man Group — Chris Wink and Philip Stanton — as the previous owners, who received $18.6 million for this and another LES property.

In a deal announced in early July, Cirque du Soleil acquired Blue Man Productions. Specific terms of the deal weren't disclosed, but it is believed to be worth in the tens of millions, according to published reports.