A look at 3 condoplexes rising — or topping out

Starting with...

1) 198 Orchard St. at East Houston Street...



Ben Shaoul's 11-story, 94-unit building has units ranging in price from $1.075 million to $5.995 million. And there will be an Equinox Fitness center here too. Previously.

2) 32 E. First St. at Second Avenue...



A 10-story, 33-unit condoplex (with ground-floor retail) on the site of the former BP station. No pricing for the homes just yet. Previously.



3) 80 E. 10th St. at Fourth Avenue...



A 10-story, retail-residential condoplex with 12 residential units. No pricing for the homes just yet. Previously.

The Lightstone Group flips 10th Street residential building

[Photo of 85 E. 10th St. from September]

Back in the spring, the Lightstone Group paid $127 million for a 6-building portfolio on East 10th Street and East 11th Street. Five of those buildings, 112-120 E. 11th St., are currently being demolished to make way for a 13-floor hotel for the Marriott's Moxy brand.

And now, a resident of the other address in the deal, 85 E. 10th St., which abuts the hotel conversion, shares news that the building here between Third Avenue and Fourth Avenue has been sold.

Per the resident:

New ownership put notes under tenants' doors announcing the sale and promising improvements to the property, including adding a package room, virtual doorman system with surveillance cameras throughout the building, much to the relief of tenants who regularly complain of packages that go missing!

And!

New owners also boast they will be "sprucing up the common areas and keeping the premises very clean and the air smelling pleasant." Also good news to tenants since the building usually reeks of garbage and marijuana, has an outdated ugly lobby, filthy hallways and stairwells and an overgrown, leaf-covered backyard common area no tenants use.

According to The Real Deal, Mallory Management bought the 121-unit rental building on 10th Street for $72.5 million. Residents in the back of No. 85 will have unobstructed views of the demolition at 112-120 and subsequent construction of the Moxy hotel, which is expected to open in late 2018.

Previously on EV Grieve:
Updated: 6-building complex on East 10th Street and East 11th Street sells for $127 million

Permits filed to demolish 5 buildings on 11th Street to make way for new hotel

Plans to bring a 300-room hotel to East 11th Street between Third Avenue and Fourth Avenue are progressing.

On Thursday, the Lighthouse Group filed permits with the city to demolish five buildings — 112 to 120 E. 11th St. — that will yield to the new property.

So basically everything from the Village Pourhouse building on Third Avenue to the building housing Amsterdam Billiards on the corner of Fourth Avenue will come down... if everything receives the proper approvals.



Back in May, The Real Deal reported that Lighthouse had plans for the new property, with Marriott International’s Moxy Hotels serving as the brand.

Per that article:

Moxy, the new Marriott brand which is targeting millennials with lower prices and a youthful vibe.

In early 2015, the company said it expected to spend $1 billion to develop four Moxy hotels in Manhattan, one in Brooklyn, and one in Los Angeles. Lightstone will spend another $1 billion on other Moxy projects around the country.

Two other Moxy projects in Manhattan are a proposed 36-story, 343-key hotel at 105 West 28th Street in Chelsea, and a 16-story, 618-key hotel at 485 Seventh Avenue, south of Times Square.

The Moxy website shows that the 11th Street property is expected in late 2018...


[Click to go big]

To date, there aren't any plans on file for the hotel. So there isn't any word how large this development will be.

The Lightstone Group paid Pan Am Equities $127 million for the portfolio, which includes 85 E. 10th St. That building isn't expected to be part of the new development.

Previously on EV Grieve:
6-building complex on East 10th Street and East 11th Street sells for $127 million

Report: 300-room hotel planned for East 11th Street

Preservationists say city ignored pitch to designate part of 11th Street as a historic district

Report: 300-room hotel planned for East 11th Street

Back in late April, when news broke that the 6-building portfolio of 85 E. 10th St. and 112-120 E. 11th St. had been sold, an EVG commenter with some inside information left the following:

Lightstone will be demolishing the properties on 11th street beginning this year, and plans to develop a hotel there on behalf/with one of its hotel partners— most likely Marriott— to build one of their low-budget "hip" hotels, branded as "Moxy". They will be doing minor refurbishing to 85 East 10th Street, and then will look to unload it. They only bought the property because Pan Am required purchase of 85 E10th as part of the 112-120 E11th deal.

Hope they have an incredible budget for sound-proofing on this new development because staying across from Webster Hall is not the most conducive to the whole "sleeping" experience! Haha.

Yesterday, The Real Deal reported that the East 11th Street buildings between Third Avenue and Fourth Avenue will be demolished to make way for a ... 300-room hotel with Marriott International’s Moxy Hotels serving as the brand.

The Lightstone Group paid Pan Am Equities $127 million for the portfolio.

Per TRD:

85 East 10th Street — which represented $75.4 million of the total purchase price — is not going to be part of the project. In fact, Lightstone wants to sell it, and hired a team from Meridian Capital Group to bring the 121-unit, 69,100-square-foot rental building to market.

There are other Moxy properties in the works at 105 W. 28th St. in Chelsea and 485 Seventh Ave. south of Times Square.

Reps for Lightstone haven't filed any new permits yet for the East 11th Street buildings.

Previously on EV Grieve:
6-building complex on East 10th Street and East 11th Street sells for $127 million

Updated: 6-building complex on East 10th Street and East 11th Street sells for $127 million

[No. 85 via Streeteasy]

Last fall, we heard from a resident who lives at 85 E. 10th St. between Third Avenue and Fourth Avenue. Rumors were circulating that No. 85 along with adjacent buildings at 112-120 E. 11th St. were in the process of being sold.

Tenants were also suspicious when they only received offers of a one-year lease renewal instead of the usual two years, per the resident.

On Wednesday, the resident came home to find the following letter shoved under the door... confirmation of the sale...



According to public records, Pan Am Equities sold the properties to an LLC for $56 $127 million. The LLC (US-DEV Associates II) in public records is traced to Lightstone, "one of the largest and most diversified privately held real estate companies in the United States."

What the transactions means for current resident is unclear... other than that they will likely be receiving further correspondence containing words like "hereto."

112-120 E. 11th St. is a row of five low-rise buildings with 76 rentals. 85 E. 10th St. features five floors with 75 units.

Updated 5/4
Oh! The deal was actually for $127 million, per the Commercial Observer.