Deep in the heart of the Alphabet City section of the East Village, across the street from the Jacob Riis Houses, a new rental apartment building might soon rise.
A new building permit application was submitted this morning to construct a 12-story residential building on the site, which spans much of the Avenue D block face between East 6th and 7th streets, and includes a small bit of frontage on East 6th (but not on the corners, home to narrow walk-ups that would bracket the proposed structure).
The building would include 108 apartments spread across 88,000 square feet of residential space, and nearly 8,000 square feet of retail space. There would be about a dozen apartments per level on the middle floors, and seven units each on the ninth through 12th floors, for an overall average unit size of a bit over 800 square feet.
The permit application was filed by GF55 Partners, on behalf of Ron Moelis’s L+M Development Partners. They picked up the land – currently home to a pair of taxpayers (one of which houses a Rite-Aid) on Avenue D and an empty lot on East 6th Street – last year for $12.5 million, or $130 per buildable square foot. No demolition permits have been filed.
While Alphabet City is no longer the rental-only territory it once was, these apartments do not appear large enough to be condos, and the density of the structure appears to suggest that the developer will be taking advantage of the inclusionary zoning density bonus, which requires L+M to set aside 20 percent of the apartments to rent at below-market rates.
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