Report: New owners for the empty lot at 14th Street and Avenue C

[EVG file photo]

The long-empty lot at East 14th Street and Avenue C has new owners.

The Real Deal is reporting that Brooklyn's Rabsky Group scrapped plans for its first Manhattan project here, selling the property to Opal Holdings, a real-estate investment firm led by Shaya and Shulamit Prager, for $23 million. No word just yet what they have planned for the site.

Rabsky reportedly paid $15 million for the property in 2014. The one-level structure that was demolished here in early 2015 previously housed R&S Strauss auto parts store, which closed in April 2009.

There were approved permits for a 14-story building totaling 63,932 square feet, with 8,064 square feet for retail ... and 21,991 square feet for a community facility.

Not much has happened here since the demolition of the former Strauss store. As many commenters have pointed out in the past, this corner was about 5-6 feet under water during Sandy.

Previously on EV Grieve:
Development back in play for East 14th Street and Avenue C

More details on the sale of 644 E. 14th St.

Here comes a 15-story retail-residential complex for East 14th Street and Avenue C

Prepping the former R&S Strauss auto parts store for demolition on East 14th Street and Avenue C

City OKs 15-story mixed-use retail-residential building on 14th and C

14th and C now waiting for the Karl Fischer-designed 15-story retail-residential complex

14th and C still waiting for its Karl Fischer-designed retail-residential complex

R&S Strauss has closed: What's next for the corner of East 14th Street and Avenue C?

We've been keeping our eye on the R&S Strauss auto parts store on East 14th Street at Avenue C. Last May, the building was reportedly quietly put on the market for $13 million.

The store is now closed. The location has already been removed from the R&S Strauss Web site.




According to the Massey Knakal Web site, the building was sold in January for $12.3 million. As the site noted: "The lot measures 114’9” x 88’and has a total buildable square footage of approximately 36,125 sq. ft. for residential use or 68,262 sq. ft. for a community facility, which will likely be the ultimate use of the property." No word yet on who bought the space.

News of a possible community facility is a relief for those among us thinking this sale could signal "an opening for the overall Meatpacking effect that is rippling up and down this main artery to reach deep into the East Village."

Still, probably not a lot of room here for development with Stuy Town to the north, the ConEd plant to the east and the Pedro Albizu Campos Plaza to the south.

Demolition permits filed to make way for 15-floor building on East 14th Street and Avenue C

[EVG photo from June 9]

Last week we noted that workers were giving last rites to the former R&S Strauss auto parts store on the southeast corner of East 14th Street and Avenue C.

And yesterday the demolition permit was filed with the city to knock down the one-level building.

Coming soonish. A Karl Fischer-designed retail-residential complex featuring 8,578 square feet of commercial space, 18,937 square feet for community space ... and 50 apartments above it all, so to speak.

R&S Strauss closed in the spring of 2009.

Previously on EV Grieve:
Development back in play for East 14th Street and Avenue C

More details on the sale of 644 E. 14th St.

Here comes a 15-story retail-residential complex for East 14th Street and Avenue C

Prepping the former R&S Strauss auto parts store for demolition on East 14th Street and Avenue C

Activity at the long-vacant corner of 14th Street and Avenue C

An EVG reader noted that workers arrived yesterday at 644 E. 14th St., the long-empty lot on the southwest corner of Avenue C. Nothing too major to point out, other than some freshly churned dirt (from some soil testing?) and newly painted plywood.

In any event, it marks the first there has been much here to note in the way of construction activity.

Last month, The Real Deal reported that Brooklyn's Rabsky Group sold the property to Opal Holdings for $23 million. (Per their website: "Opal Holdings targets value-added or opportunistic properties in the office, retail, residential and hotel sectors, to be repositioned or redeveloped.")

Not sure at this point what might be repositioned or redeveloped. Maybe the R&S Strauss auto parts store, which closed in April 2009? (It was demolished in early 2015.)

There are approved permits for a 14-story building totaling 63,932 square feet, with 8,064 square feet for retail ... and 21,991 square feet for a community facility. However, it's unclear if these are the plans that Opal would stick with moving forward.

Whenever construction actually commences, crews will likely have to contend with some serious de-watering activity... the developers two blocks to the west at 438 E. 14th St. have said that they found unusually elevated groundwater levels and exceedingly soft and unstable soil owing to the presence of an underground stream.

Previously on EV Grieve:
Development back in play for East 14th Street and Avenue C

More details on the sale of 644 E. 14th St.

Here comes a 15-story retail-residential complex for East 14th Street and Avenue C

Prepping the former R&S Strauss auto parts store for demolition on East 14th Street and Avenue C

City OKs 15-story mixed-use retail-residential building on 14th and C

14th and C now waiting for the Karl Fischer-designed 15-story retail-residential complex

14th and C still waiting for its Karl Fischer-designed retail-residential complex

Report: New owners for the empty lot at 14th Street and Avenue C

City OKs 15-story mixed-use retail-residential building on 14th and C

[EVG file photo]

The city last week signed off on the necessary permits for the Rabsky Group to build a 15-story mixed-use retail-residential complex on the southwest corner of East 14th Street and Avenue C. (New York Yimby first reported on the approval last Friday.)

The demo permits to take down the former R&S Strauss auto parts store, which closed in April 2009, were filed last June.

What can you expect here some day?

A Karl Fischer-designed building, which will total 61,789 square feet. DOB permits show 8,578 square feet of commercial space on the ground floor. The remainder of the first five stories will host a community facility, which will span 18,937 square feet, and 50 apartments will sit above.


[EVG file photo]

Previously on EV Grieve:
Development back in play for East 14th Street and Avenue C

More details on the sale of 644 E. 14th St.

Here comes a 15-story retail-residential complex for East 14th Street and Avenue C

Prepping the former R&S Strauss auto parts store for demolition on East 14th Street and Avenue C

East 14th Street destined to become just like West 14th Street

As you know, we've been watching the R&S Strauss auto parts store on East 14th Street at Avenue C. Last May, the building was reportedly quietly put on the market for $13 million. And according to the Massey Knakal Web site, the building was sold in January for $12.3 million. As the site noted: "The lot measures 114’9” x 88’and has a total buildable square footage of approximately 36,125 sq. ft. for residential use or 68,262 sq. ft. for a community facility, which will likely be the ultimate use of the property."

We wrote the following on April 6:

News of a possible community facility is a relief for those among us thinking this sale could signal, as Jeremiah Moss wrote, "an opening for the overall Meatpacking effect that is rippling up and down this main artery to reach deep into the East Village."

Yeah, well: Stupid us for feeling any possible relief. According to the Times, the Arun Bhatia Development Organization -- who specialize in luxury condos and dorms -- bought the space. The Times article on the development of the eastern end of 14th Street concludes with the following on the former R.S. Strauss space:

The site, marketed for development, allows for stores and dozens of apartments, explained Joe Sitt, the Massey Knakal broker who handled the deal.



Yes, Mr. Sitt said, the nearby blocks, which hold mostly chain- and diner-variety eateries, have a way to go before they attract hip West 14th Street-style restaurants. But those typically follow new residences, and residents.



"It's not about 'Build it and they will come,'" he said. "It's 'Put a roof over their heads and they will dine.'"

Previously.

14th and C still waiting for its Karl Fischer-designed retail-residential complex

Nearly a year has passed since we've done a post about 644 E. 14th St., where a mixed-use retail-residential complex has the go at the corner of Avenue C.

As you can see, there hasn't been much — or any — progress on this plot of land that previously housed the single-level R&S Strauss auto parts store, which closed in April 2009.







Anyway, a look at the DOB files show some amended documents as of September 2015 ... with a slightly different-sized building. Previously, permits showed a 15-story mixed-use retail-residential complex totaling 61,789 square feet. DOB permits showed 8,578 square feet of commercial space on the ground floor... and 18,937 square feet for a community facility.

The amended permits show a 14-story building totaling 63,932 square feet, with 8,064 square feet for retail ... and 21,991 square feet for a community facility. The Schedule A still shows 50 apartments.

The prolific Karl Fischer is the architect of record. (His other EV work includes The Robyn on East Third Street and The Nathaniel on East 12th Street.)

No sign of renderings yet for No. 644. But we did spot some sexy diagrams at the DOB for the address...




[Click to go big]

The diagrams do indicate balconies for the units, which are on floors 6 through 14. The documents also note "flood gate storage" on the first floor. Not sure exactly what that is, but it sounds like a good idea. This corner was about 3-6 feet under water during Sandy.

Previously on EV Grieve:
Development back in play for East 14th Street and Avenue C

More details on the sale of 644 E. 14th St.

Here comes a 15-story retail-residential complex for East 14th Street and Avenue C

Prepping the former R&S Strauss auto parts store for demolition on East 14th Street and Avenue C

City OKs 15-story mixed-use retail-residential building on 14th and C

14th and C now waiting for the Karl Fischer-designed 15-story retail-residential complex

14th and C now waiting for the Karl Fischer-designed 15-story retail-residential complex

Crews have demolished the one-level structure at 644 E. 14th St. at Avenue C.



Coming soon, as previously reported: a 15-story mixed-use retail-residential complex here on the southwest corner.

The Karl Fischer-designed building will total 61,789 square feet. DOB permits show 8,578 square feet of commercial space on the ground floor. The remainder of the first five stories will host a community facility, which will span 18,937 square feet, and 50 apartments will sit above.

Per the signs not he plywood, the work will be completed by summer 2015. Hurry! Unless they mean the demo...



The previous tenant here was the R&S Strauss auto parts store, which closed in April 2009.

Previously on EV Grieve:
Development back in play for East 14th Street and Avenue C

More details on the sale of 644 E. 14th St.

Here comes a 15-story retail-residential complex for East 14th Street and Avenue C

Prepping the former R&S Strauss auto parts store for demolition on East 14th Street and Avenue C

City OKs 15-story mixed-use retail-residential building on 14th and C

The R&S Strauss signs are gone

Last Monday we noted that R&S Strauss on 14th Street and Avenue C had been sold... And now, the signs have been removed...

Prepping the former R&S Strauss auto parts store for demolition on East 14th Street and Avenue C

More than five years after closing, it looks as if the R&S Strauss auto parts store is finally being prepped for demolition on the southeast corner of East 14th Street and Avenue C.



On Friday, a reader said that the DEP was there to disconnect some of the utilities. However, despite this action, as well as baiting for rodents, there aren't any demo permits on file with the city just yet.



As for what's next, there are plans waiting for approval to build a 15-story, mixed-use retail-residential complex.



New York Yimby had some details in late April about this Karl Fischer-designed building, which will total 61,789 square feet. DOB permits show 8,578 square feet of commercial space on the ground floor. The remainder of the first five stories will host a community facility, which will span 18,937 square feet, and 50 apartments will sit above — some even with views of the Con Ed plant.

Previously on EV Grieve:
Development back in play for East 14th Street and Avenue C

More details on the sale of 644 E. 14th St.

Here comes a 15-story retail-residential complex for East 14th Street and Avenue C

More details on the 14-story building coming to the long-empty lot on 14th and C

[Photo from last month]

There's finally some updates about 644 E. 14th St., the long-empty lot on the southwest corner of Avenue C.

The info came in the form of a news release via the EVG inbox yesterday...

Madison Realty Capital (MRC), an institutionally-backed real estate investment firm focused on real estate equity and debt investments in the middle markets, provided a $52.0 million first mortgage loan for the acquisition of a development site in the East Village and construction of an approved 76,259 square foot mixed use development on the site.

The plans for 644 East 14th Street include 50 residential units, 8,064 square feet of retail space with 200 feet of frontage on 14th Street and Avenue C, and 21,575 square feet of community facility space.

The property is located at the corner of 14th Street and Avenue C, along the Northern border of the East Village and directly across the street from Stuyvesant Town. Residential units will offer contemporary finishes and large balconies with East River views. The borrower is currently finalizing a lease with a major New York hospital to occupy the entire community facility portion of the new building.

The East Village is now attracting young professionals and families, in addition to the artists, musicians, and students that established the neighborhood's cultural identity. The area has retained its strong character and remains a dynamic hub of popular bars, restaurants, and shops, with East 14th Street being one of the liveliest commercial corridors.

As previously reported, there are approved permits for a 14-story building.

A rendering via Real Estate Weekly shows a building looking like...



As for the "major New York hospital" taking the entire community facility portion, perhaps that's Mount Sinai Beth Israel, who's shutting down its campus on First Avenue and 16th Street in the coming years.

This corner property next to Campos Plaza and across from the Con Ed plant previously housed the single-level R&S Strauss auto parts store, which closed in April 2009.

[EVG photo from 2009]

Previously on EV Grieve:
Development back in play for East 14th Street and Avenue C

More details on the sale of 644 E. 14th St.

Here comes a 15-story retail-residential complex for East 14th Street and Avenue C

Prepping the former R&S Strauss auto parts store for demolition on East 14th Street and Avenue C

City OKs 15-story mixed-use retail-residential building on 14th and C

14th and C now waiting for the Karl Fischer-designed 15-story retail-residential complex

14th and C still waiting for its Karl Fischer-designed retail-residential complex

Report: New owners for the empty lot at 14th Street and Avenue C

A look at the development coming to 14th and C, now the subject of a lawsuit

[Photo from Saturday]

Last week, the Commercial Observer reported that Second Avenue Deli owner Jeremy Lebewohl filed a $10 million lawsuit alleging that his five-story residential building at 642 E. 14th St. sustained damages by the construction of the neighboring development.

Per the Observer:

Lebewohl claims in the Manhattan Supreme Court suit that Opal Holdings’ work on its 15-story mixed-use project still under development at 644 East 14th Street cracked the interior and exterior walls of Lebewohl’s 642 East 14th Street and caused metal doors inside to be inoperable.

The legal issues commenced when Opal began excavating and installing the foundation for its development, according to the suit filed on Jan. 22 [2019]. Opal tried to cut costs by driving the piles for the foundation too close to Lebewohl’s long-held residential building which damaged the wall and ceilings, the suit claims.

[Photo from Saturday]


[Photo from Saturday]

As previously reported (see the links at the bottom of this post), Opal Holdings picked up the parcel from the Rabsky Group in the summer of 2016 for $23 million. There are plans for a residential building with space for a health-care facility.


[The most recent rendering of the development]

There hasn't been much, if any, progress at this southwest corner of 14th Street and Avenue C. (There aren't any active Stop Order Orders on the project, per city records.) My last post on the site came in September 2017. At that time, crews were still working on the foundation. I walk by this corner several times a week, and I haven't seen any activity in more than a year.

Perhaps workers were combatting the elevated groundwater levels here that have impacted the other developments (here and here) along East 14th Street.

As for the new development, here's a rehash of the info I received on the project in September 2016:

Madison Realty Capital (MRC), an institutionally-backed real estate investment firm focused on real estate equity and debt investments in the middle markets, provided a $52.0 million first mortgage loan for the acquisition of a development site in the East Village and construction of an approved 76,259 square foot mixed use development on the site.

The plans for 644 East 14th Street include 50 residential units, 8,064 square feet of retail space with 200 feet of frontage on 14th Street and Avenue C, and 21,575 square feet of community facility space.

The property is located at the corner of 14th Street and Avenue C, along the Northern border of the East Village and directly across the street from Stuyvesant Town. Residential units will offer contemporary finishes and large balconies with East River views. The borrower is currently finalizing a lease with a major New York hospital to occupy the entire community facility portion of the new building.

This corner property next to Campos Plaza and across from the Con Ed plant previously housed the single-level R&S Strauss auto parts store, which closed in April 2009.

These two photos are from the fall of 2017...





Previously on EV Grieve:
Development back in play for East 14th Street and Avenue C

More details on the sale of 644 E. 14th St.

Here comes a 15-story retail-residential complex for East 14th Street and Avenue C

Prepping the former R&S Strauss auto parts store for demolition on East 14th Street and Avenue C

City OKs 15-story mixed-use retail-residential building on 14th and C

14th and C now waiting for the Karl Fischer-designed 15-story retail-residential complex

14th and C still waiting for its Karl Fischer-designed retail-residential complex

Report: New owners for the empty lot at 14th Street and Avenue C

A 'build-to-suit' opportunity for the long-dormant development site at 14th and C

[Photo from Sunday]

The southwest corner of 14th Street at Avenue C — 644 E. 14th St. — is currently an inactive development site. But there's a new listing for the property that is positioning the corner as a "unique build-to-suit opportunity" ...



According to the listing at Lee & Associates, the site "can be developed as a residential/commercial mixed use building" that's "ideal for schools, health care/medical, not-for-profits, retail." No word on the price.

The 10-story rendering with the listing looks more on the office side of things.

There hasn't been any construction activity at this site since the end of 2017. However, there has been some behind-the-scenes wrangling. This past May, PincusCo examined city records to find that several developers have spent hundreds of thousands of dollars to lobby the city for NYCHA air rights. (The new listing notes that "additional FAR" is available.)

According to the PincusCo investigation, Madison Realty Capital hired one of the city’s most active government lobbying firms, Capalino+Company, to approach the NYCHA about the air rights at Campos Plaza II adjacent to this property.

In other recent news about this parcel... in late January, the Commercial Observer reported that Second Avenue Deli owner Jeremy Lebewohl filed a $10 million lawsuit alleging that his five-story residential building at 642 E. 14th St. sustained damages by the foundation work next door at No. 644. No word on the status of that suit.

As for the currently stalled new development, here's what was in the works in September 2016: A 15-floor building with 50 residential units with 8,064 square feet of retail space and 21,575 square feet of community facility space." Those plans never materialized, of course.


[2016-era rendering of the development]

This corner property last housed the single-level R&S Strauss auto parts store, which closed in April 2009.

Previously on EV Grieve:
Development back in play for East 14th Street and Avenue C

More details on the sale of 644 E. 14th St.

Here comes a 15-story retail-residential complex for East 14th Street and Avenue C

Prepping the former R&S Strauss auto parts store for demolition on East 14th Street and Avenue C

City OKs 15-story mixed-use retail-residential building on 14th and C

14th and C now waiting for the Karl Fischer-designed 15-story retail-residential complex

14th and C still waiting for its Karl Fischer-designed retail-residential complex

Report: New owners for the empty lot at 14th Street and Avenue C

Plywood arrives ahead of demolition at 14th and C; 15-story retail-residential building on the way

Workers yesterday erected a plywood fence around 644 E. 14th St. at Avenue C, site of the former R&S Strauss auto parts store.

All the paperwork is in place to demolish the one-level structure … and build a 15-story mixed-use retail-residential complex here on the southwest corner.

Per our last post on this: The Karl Fischer-designed building will total 61,789 square feet. DOB permits show 8,578 square feet of commercial space on the ground floor. The remainder of the first five stories will host a community facility, which will span 18,937 square feet, and 50 apartments will sit above, some even with views of the Con Ed power plant.

Thanks to ‏@KellerPeacenow9 for the photo!

Previously on EV Grieve:
Development back in play for East 14th Street and Avenue C

More details on the sale of 644 E. 14th St.

Here comes a 15-story retail-residential complex for East 14th Street and Avenue C

Prepping the former R&S Strauss auto parts store for demolition on East 14th Street and Avenue C

City OKs 15-story mixed-use retail-residential building on 14th and C

Development site on 14th Street and Avenue C remains dormant

Back on Friday, Crain's New York published an article titled "Luxury condo developer plans new project by Stuy Town border." 

The story is behind a paywall, and so without a subscription ... there was speculation that the piece was in reference to the long-dormant southwest corner of Avenue C and 14th Street... right across from Stuy Town. 

No, turns out the new development — a 10-story, 50-unit residential building — is slated for the empty parcels at 305-311 First Ave. between 17th Street and 18th Street. 

As for 14th and C — 644 E. 14th St. to be specific... that site remains in stalled-development mode...

A quick review of some history here: Last spring, Shulamit Prager’s Opal Holdings sold the property to Madison Realty Capital for $31.3 million.

Opal had plans for a 50-unit mixed-use building on the site. 

There hasn't been any construction activity at this site since the end of 2017. However, there has been some behind-the-scenes wrangling. In May 2019, PincusCo examined city records to find that several developers have spent hundreds of thousands of dollars to lobby the city for NYCHA air rights. (The latest listing noted that "additional FAR" is available.) 

According to the PincusCo investigation, Madison Realty Capital hired one of the city's most active lobbying firms, Capalino+Company, to approach the NYCHA about the air rights at Campos Plaza II adjacent to this property.

In November 2019, a new listing for the property positioned the corner as a "unique build-to-suit opportunity." According to the listing at Lee & Associates, the site "can be developed as a residential/commercial mixed use building" that's "ideal for schools, health care/medical, not-for-profits, retail." There wasn't a mention of price.

And that's where we are. This corner property last housed the single-level R&S Strauss auto parts store, which closed in April 2009.

Previously on EV Grieve:
• Development back in play for East 14th Street and Avenue C

• More details on the sale of 644 E. 14th St.

• Here comes a 15-story retail-residential complex for East 14th Street and Avenue C

• Prepping the former R&S Strauss auto parts store for demolition on East 14th Street and Avenue C

• City OKs 15-story mixed-use retail-residential building on 14th and C

• 14th and C now waiting for the Karl Fischer-designed 15-story retail-residential complex

• 14th and C still waiting for its Karl Fischer-designed retail-residential complex

• Report: New owners for the empty lot at 14th Street and Avenue C

That long-empty corner lot at 14th Street and Avenue C has a new owner

[EVG file photo]

The southwest corner of 14th Street at Avenue C — 644 E. 14th St. — remains an inactive development site.

And now it has yet another new owner. As Bisnow reported, Shulamit Prager’s Opal Holdings sold the property to Madison Realty Capital for $31.3 million.

Opal had plans for a 50-unit mixed-use building on the site.

There hasn't been any construction activity at this site since the end of 2017. However, there has been some behind-the-scenes wrangling. In May 2019, PincusCo examined city records to find that several developers have spent hundreds of thousands of dollars to lobby the city for NYCHA air rights. (The latest listing noted that "additional FAR" is available.)

According to the PincusCo investigation, Madison Realty Capital hired one of the city’s most active government lobbying firms, Capalino+Company, to approach the NYCHA about the air rights at Campos Plaza II adjacent to this property.

This past November, a new listing for the property positioned the corner as a "unique build-to-suit opportunity." According to the listing at Lee & Associates, the site "can be developed as a residential/commercial mixed use building" that's "ideal for schools, health care/medical, not-for-profits, retail." There wasn't a mention of price.

Also: In January 2019, the Commercial Observer reported that Second Avenue Deli owner Jeremy Lebewohl filed a $10 million lawsuit alleging that his five-story residential building at 642 E. 14th St. sustained damages by the foundation work next door at No. 644.

As for the most-recent stalled development, here's what was in the works in September 2016: A 15-floor building with 50 residential units with 8,064 square feet of retail space and 21,575 square feet of community facility space."


[2016-era rendering of the development]

This corner property last housed the single-level R&S Strauss auto parts store, which closed in April 2009.

Previously on EV Grieve:
• Development back in play for East 14th Street and Avenue C

• More details on the sale of 644 E. 14th St.

• Here comes a 15-story retail-residential complex for East 14th Street and Avenue C

• Prepping the former R&S Strauss auto parts store for demolition on East 14th Street and Avenue C

• City OKs 15-story mixed-use retail-residential building on 14th and C

• 14th and C now waiting for the Karl Fischer-designed 15-story retail-residential complex

• 14th and C still waiting for its Karl Fischer-designed retail-residential complex

• Report: New owners for the empty lot at 14th Street and Avenue C

Developers eye air rights at Campos Plaza for long-stalled 14th Street development

[The long-stalled 644 E. 14th St.]

Back in December, Mayor de Blasio announced that the New York City Housing Authority would sell its unused air rights to developers for the first time ever as part of plan called NYCHA 2.0.

The cash-strapped NYCHA said that it would transfer a portion of its 80-million square feet of air rights to generate $1 billion in capital repairs for nearby developments.

PincusCo examined city records to find that several developers have spent hundreds of thousands of dollars to lobby the city for these air rights.

Many familiar names are on the list. According to the PincusCo investigation, Madison Realty Capital hired one of the city’s most active government lobbying firms, Capalino+Company, to approach NYCHA about the air rights at Campos Plaza II adjacent to the long-stalled development at 644 E. 14th St. at Avenue C.

Per PincusCo:

Madison Realty is not the fee owner, but the lender on the project. The property owner, Shulamit and Shaya Prager’s Opal Realty, purchased 644 East 14th Street for $23 million in 2016, from the Rabsky Group. At the same time, Opal borrowed $52 million from Madison Realty Capital.

How the firm will obtain air rights from NYCHA for its site is not clear, however, because the adjacent NYCHA development, Campos Plaza II, has no available residential air rights, according to a PincusCo Media analysis of city land use records.

That said, Madison Realty almost certainly has a legitimate strategy to obtain air rights. The firm may be seeking an upzoning on the NYCHA parcel, which would make air rights available.

Or alternately, the developers may be seeking a lot merger with two other tax lots co-owned by NYCHA that have more than 300,000 square feet of community facility space available. That would allow the developers to build, for example, a college dormitory space for students. Scores of New York University students live in apartments across the street at Stuyvesant Town. Madison Realty did not respond to a request for comment.

As previously reported (see the links at the bottom of this post), the pre-air-rights plans called for a 15-story residential building with space for a health-care facility.


[The most recent rendering of the development]

There hasn't been much, if any, activity at this southwest corner of 14th Street and Avenue C in 15-plus months. According to city records, the new building permits expired in December. As the PincusCo report notes, this stall may be intentional. "With additional air rights, the project could presumably be larger."

Also, in late January, the Commercial Observer reported that Second Avenue Deli owner Jeremy Lebewohl filed a $10 million lawsuit alleging that his five-story residential building at 642 E. 14th St. sustained damages by the foundation work next door at No. 644.

As for the currently stalled new development, here's a rehash of the info I received on the project in September 2016:

Madison Realty Capital (MRC), an institutionally-backed real estate investment firm focused on real estate equity and debt investments in the middle markets, provided a $52.0 million first mortgage loan for the acquisition of a development site in the East Village and construction of an approved 76,259 square foot mixed use development on the site.

The plans for 644 East 14th Street include 50 residential units, 8,064 square feet of retail space with 200 feet of frontage on 14th Street and Avenue C, and 21,575 square feet of community facility space.

The property is located at the corner of 14th Street and Avenue C, along the Northern border of the East Village and directly across the street from Stuyvesant Town. Residential units will offer contemporary finishes and large balconies with East River views. The borrower is currently finalizing a lease with a major New York hospital to occupy the entire community facility portion of the new building.

This corner property previously housed the single-level R&S Strauss auto parts store, which closed in April 2009.

In 2015, Madison Realty loaned $124 million to Rafael Toledano, a then 25 year old with no track record as a landlord so that he could buy a portfolio of 15 buildings, mostly in the East Village. He eventually defaulted on Madison's loan.

Previously on EV Grieve:
Development back in play for East 14th Street and Avenue C

More details on the sale of 644 E. 14th St.

Here comes a 15-story retail-residential complex for East 14th Street and Avenue C

Prepping the former R&S Strauss auto parts store for demolition on East 14th Street and Avenue C

City OKs 15-story mixed-use retail-residential building on 14th and C

14th and C now waiting for the Karl Fischer-designed 15-story retail-residential complex

14th and C still waiting for its Karl Fischer-designed retail-residential complex

Report: New owners for the empty lot at 14th Street and Avenue C

Week in Grieview

[Avenue D]

RIP Hayne Suthon, owner of Lucky Cheng's (Wednesday)

Gabay's Outlet is on the move (Thursday)

Bank branches bank branches EVERYWHERE (Monday)

Those damn hippies on St. Mark's Place in 1968 (Friday)

Ex-cop leaves gun behind after barfing at the Phoenix (Friday)

Ryan's Irish Pub making way for the Copper Still (Thursday)

Launderette has closed on Second Avenue (Wednesday)

Gut renovating 324 E. Fourth St. (Monday)

Bugs closed for now on East 12th Street (Monday)

Hey, Funkiberry opened (Friday)

R&S Strauss prepped for demo on East 14th Street (Tuesday)

Out and About with Anthony Rocco (Wednesday)

Honoring poet Frank O'Hara (Tuesday)

More $1 pizza (Monday)

What's up with those bright lights on the Bowery? (Tuesday)

Love for the Stage Restaurant (Monday)

Purple Rain on Avenue A (Monday)

Video of a fistfight on St. Mark's Place (Sunday)

347 Bowery ready for the wrecking ball (Monday)

4th Avenue water tank gets some STIK figures (Thursday)

Moving day for this piano (Thursday)

… and we really enjoyed J and the 9s yesterday in Tompkins Square Park …


[Photo by Cheryl Pyle via Facebook]