The East Village is densely built out with tenements, and what development sites left over were heavily mined during past market cycles, as the neighborhood became a luxury destination.
So now, with a paucity of vacant lots, developers are starting to look towards trickier sites, where development – or, in the case of 118 East 1st Street, redevelopment – is starting to pencil out given higher housing prices.
A three-story building, likely built as a single-family home and carved up into apartments as the neighborhood turned into a slum, currently sits on the site, on what is essentially Houston Street near Avenue A. In its place, a developer operating under the name of Acacia 118, LLC – based in Nolita, and fronted by Cynthia Wu and Robert Marty – is planning to erect a new nine-story building, with seven much larger apartments.
As with many new projects in neighborhoods that once only supported rentals, 118 East 1st will likely be condos, with its seven units divided over 12,500 square feet of residential space. The average size is a quite hefty 1,800 square feet, with duplexes on the top and bottom and full-floor units in between, according to the building’s Schedule A filing.
Warren Freyer’s Freyer Architects is responsible for the design, and 118 East 1st Street will also include a small 250-square foot retail space on the ground level.
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