Plans are in the works to redevelop the three-building assemblage on the northeast corner of Third Avenue and St. Mark's Place.
According to The Real Deal:
[Real Estate Equities Corporation REEC], led by Brandon Miller and Mark Siegel, is planning to demolish the existing low-rise buildings at 3 St. Mark’s Place, 23 and 25-27 Third Avenue to make way for one new property. Plans call for a seven-story, 66,000-square-foot office building, including 6,000 square feet of corner retail.
That will mean the end of the businesses along here, including the Continental, Korilla BBQ, E Smoke Shop and Papaya King. (The former McDonald's structure is also part of the new development.)
REEC picked up the 99-year leasehold for the properties for a little more than $150 million, per The Real Deal.
In June 2015, The Real Deal reported that real-estate investor Arthur Shapolsky was in contract to buy the corner buildings for roughly $50 million.
However, Joseph Gabay, whose family owns the properties, told me this past June that they had not been sold despite the continued rumors.
That situation has apparently changed. Gabay did not respond to an email to confirm this deal.
As of last evening, there weren't any new permits on file with the Department of Buildings indicating any new work on the properties. There isn't any word just yet on a timeline for the businesses to close.
The development will likely fuel more talk of the Midtown Southification of this part of the neighborhood with 51 Astor Place/IBM Watson Building/Death Star right across the Avenue.
Previously on EV Grieve:
The Shake Shack effect? McDonald's on 3rd Avenue at St. Mark's Place has closed after 20 years
Report: Northeast corner of St. Mark's Place and 3rd Ave. fetching $50 million for development site