Showing posts with label development sites. Show all posts
Showing posts with label development sites. Show all posts

Monday, February 14, 2022

For-rent signs arrive on these 2 storefronts on 14th Street and Avenue A

For-rent signs have arrived on two long-vacant storefronts on the SW corner of Avenue A and 14th Street. (The listings are not online just yet.)

The Lower East Side Coffee Shop closed here after 13 years in February 2021. New Herbal World, which offered a variety of herbs, teas and tonics as well as acupuncture, moved to Lafayette Street in September 2019

It was a tough time for all the businesses on this corner in recent years. For nearly three years this side of 14th Street was an active construction zone for L-train repairs and Avenue A entrance construction ... with a variety of trucks, drill rigs, pile drivers, compressors and generators. 

Several businesses were forced to shut down due to severely limited access to their storefronts. Outside the now-shuttered Dion and the Coffee Shop, customer access included only 28 inches of sidewalk space — not big enough for a wheelchair in spots. 

In any event, the arrival of for-rent signs might dispel the speculation that this corner is ripe for development (of course there may not be any air rights given the residential building called EVE next door at the former post office).

Thursday, August 6, 2020

Bowery Mission selling Avenue D facility



The Bowery Mission recently (as of July 15) put its Men's Center at 45-51 Avenue D on the sales market.

JLL Capital Markets is marketing the property, located within one of five designated Opportunity Zones in Manhattan south of 96th Street.

Some details via the JLL newsroom:

The property has two existing, conjoined structures that will be delivered vacant. 45 Avenue D is a six-story building that spans approximately 48-feet wide, totals 20,174 square feet, and contains an elevator. 51 Avenue D is a two-story building that spans approximately 44-feet wide and totals 6,141 square feet. Investors have the flexibility to renovate either one or both structures into a valuable residential asset.

Alternatively, investors can elect to demolish both structures to pave way for an approximately 92-foot wide, ground-up project that could be developed into a building with approximately 53,338 zoning floor area through New York City’s Inclusionary Housing Bonus Program (IHB).

In the event an investor decides to reposition the existing six-story structure and demolish only the two-story structure, there will be approximately 22,422 ZFA remaining as-of-right that can be further increased to approximately 33,164 ZFA through the IHB program for a ground-up project on the remaining 44-foot wide lot.

The Bowery Mission reportedly decided to sell this property between Fourth Street and Fifth Street, which has been part of its portfolio since 1994, to fund programming at its other locations, totaling eight in New York, New Jersey and Pennsylvania.

Avenue D has seen several new developments in recent years, including the Adele ... the Niko East Village ... and Arabella 101.

Wednesday, January 24, 2018

$10 million minimum opening bid today at auction of former building that housed Lucky Cheng's


[Photo from Dec. 31]

As I reported on Jan. 2, the potential development sites at 24 First Ave. (the onetime home of Lucky Cheng's) and 99-101 E. Second St. are headed to the auction block.

The bidding action begins today at 1 p.m. at the Hotel on Rivington. The minimum opening bid is $10 million. (Find more details at the auction site here.)

Landlord Carmar Development, LLC, had put the two-building parcel up for sale in February 2017. (We wrote about that here.) The L-shaped properties were seeking $26 million then.

Uri Marrache, a principal at Carmar Development, was reportedly at risk of defaulting on his $11 million loan against the vacant buildings.

As Crain's reported, while the bidding will start at $10 million, a winning offer must at least exceed the $11 million owed to the lender.

Per Crain's:

“The owner was behind with the lender on payments,” said Richard Maltz, chief executive of Maltz Auctions. “Going through an auction process like this allows a property owner that needs a quick exit to execute on a sale.”



As for what a new landlord might be able to do here, we'll go back to the auction site:

Currently Improved with a 7,748 Sq Ft Mixed-Use Building & 4,648 Sq Ft Retail Building
Substantial Unused Air Rights
• 28,540 Sq Ft Buildable Site (3,418 Sq Ft Cellar) – Per Architect Plans, with Inclusionary Housing
• 26,483 Sq Ft Buildable Site (5,297 Sq Ft Cellar) – Per Architect Plans, without Inclusionary Housing & with Full Lot Merge
• 24,610 Sq Ft Buildable Site (5,298 Sq Ft Cellar) – Per Architect Plans, without Inclusionary Housing

Annual Real Estate Taxes: $141,977
Currently Vacant

Hayne Suthon, who owned and and operated Lucky Cheng's, the cross-dressing cabaret, also lived in the building. She died of cancer at age 57 in June 2014.

Suthon had owned the properties since 1986, paying $800,000, city documents show. According to public records, the address changed hands to Carmar Development in February 2015 for a little more than $9.6 million.

Previously on EV Grieve:
Myron Mixon's Pride & Joy BBQ now in the works for the former Lucky Cheng's space

Fire reported at incoming Pride and Joy BBQ on East Second Street

Myron Mixon lawsuit puts opening of Pride and Joy BBQ in question at former Lucky Cheng's space

More alterations for the Pride and Joy space

Report: Pride and Joy BBQ partners suing landlord Hayne Suthon for $22 million

Report: New owners of building that housed Lucky Cheng's looking to attract restaurant group

Onetime home of Lucky Cheng's and adjacent property on the development market for $26 million
Building that housed Lucky Cheng's on 1st Avenue now on the auction block

Tuesday, January 2, 2018

Building that housed Lucky Cheng's on 1st Avenue now on the auction block



After failing to attract a buyer in recent years, the potential development sites at 24 First Ave. (the onetime home of Lucky Cheng's) and 99-101 E. Second St. will be put up for auction later this month...



The auction is Jan. 24 at 1 p.m. Here are a few details about that from the auction site:

Terms & Conditions of Sale: Property will be sold free and clear of all monetary liens. In order to register to bid, all prospective bidders must present a cashier’s check in the amount of $1,000,000 made payable to “____________________”. Within 48 hours following the auction, Successful Bidder must post a deposit in the total amount of 14% of the high bid.

Landlord Carmar Development, LLC, had put the two-building parcel up for sale in February 2017. (We wrote about that here.) The L-shaped properties were seeking $26 million then.

As for what a new landlord might be able to do here, we'll go back to the auction site:

Currently Improved with a 7,748 Sq Ft Mixed-Use Building & 4,648 Sq Ft Retail Building
Substantial Unused Air Rights
• 28,540 Sq Ft Buildable Site (3,418 Sq Ft Cellar) – Per Architect Plans, with Inclusionary Housing
• 26,483 Sq Ft Buildable Site (5,297 Sq Ft Cellar) – Per Architect Plans, without Inclusionary Housing & with Full Lot Merge
• 24,610 Sq Ft Buildable Site (5,298 Sq Ft Cellar) – Per Architect Plans, without Inclusionary Housing

Annual Real Estate Taxes: $141,977
Currently Vacant



Hayne Suthon, who owned and and operated Lucky Cheng's, the cross-dressing cabaret, also lived in the building. She died of cancer at age 57 in June 2014.

Suthon had owned the properties since 1986, paying $800,000, city documents show. According to public records, the address changed hands to Carmar Development in February 2015 for a little more than $9.6 million.

Previously on EV Grieve:
Myron Mixon's Pride & Joy BBQ now in the works for the former Lucky Cheng's space

Fire reported at incoming Pride and Joy BBQ on East Second Street

Myron Mixon lawsuit puts opening of Pride and Joy BBQ in question at former Lucky Cheng's space

More alterations for the Pride and Joy space

Report: Pride and Joy BBQ partners suing landlord Hayne Suthon for $22 million

Report: New owners of building that housed Lucky Cheng's looking to attract restaurant group

Onetime home of Lucky Cheng's and adjacent property on the development market for $26 million

Tuesday, September 12, 2017

48 Clinton St. for sale as development site


[48 Clinton St.]

Yesterday I noted that 238-240 E. Third St. between Avenue B and Avenue C is available as either a development site or as its most recent use — a theater space.

This is one of two properties that founders of the Blue Man Group sold this past summer for $18.5 million.

The other site is 48 Clinton St. between Stanton and Rivington on the Lower East Side. That rather mysterious building (pictured top) is also for sale.

According to the listing at RKF:

The property can be redeveloped up to 10,000 SF for a mixed-use development as per R7A zoning.

New residential projects include the adjacent 50 Clinton and The Ludlow, which have introduced 280 high-end residential apartments, bringing many young, affluent New Yorkers to the neighborhood.

A PDF of the property — billed as a "redevelopment opportunity" — notes that the four-level space has served as a recording studio.



No. 48 was once home to LoHo Studios, which an array of artists such Joey Ramone, Willie Nelson, Phish, Patti Smith and Joan Jett have used.

There isn't a price listed for No. 48.

Public records show that an LLC affiliated with Blue Man Productions bought the building in 2008 for $5 million.

Wednesday, May 14, 2014

118 E. 1st St. arrives on the market with so many possibilities, and air rights


[Photo via Streeteasy]

There's a new listing for 118 E. First St. ... in that area where East First Street, Avenue A and East Houston all converge.

According to the listing at Streeteasy, the property has a total approximate square footage of 3,900 — with an additional 9,000 square feet of air-rights. The folks at Marcus & Millichap are peddling the building as either "a cash flowing asset, retail-user opportunity or a development site."

Let's have the listing break it down for us...

Cash Flow Opportunity: The property contains a total of three free market apartments and one retail space. The residential portion consists of one three-bedroom, one two-bedroom and one one-bedroom. All three apartments are on month to month leases and tenants are responsible for their own heat. All the residential units have been renovated, are in fantastic condition and offer great details such as exposed bricks and decorative fire places. The 1,300 square foot retail space on the ground floor is currently vacant, with a projected rent of $12,000 per month ($111 per square foot).

Retail User Opportunity: The 1,300 square foot retail space's ideal user would be for a restaurant/bar, with an approximate 800 square foot court yard/garden. The property features highly coveted East Houston frontage and is located directly across from the famed Katz's Delicatessen and steps away from Whole Foods.

Development Site: The property contains an approximate 9,000 square feet of additional air rights. Feasibility studies done over the past couple years have determined a new structure could be built with approximately 12,500 square feet. The property is subject to the "sliver law," however, in the past year there has been Zoning Reports from the city that have ruled 118 east 1st street as being on a "Wide Street," due to East Houston Frontage.

Price: $5.15 million.

In a different lifetime, 118 E. First St. was home to Darinka, the performance space that Gary Ray opened in 1983 (RIP — 1987). Darinka's many performers through the years included house band They Might Be Giants and cabaret nights hosted by Steve Buscemi and Mark Boone Junior.

We've been meaning to do a Darinka post, so we'll revisit this topic again soon.