Stellar Management has acquired the two-story, 4,760 square-foot bank building at 130 2nd Avenue, in the East Village, for $12 million from J.P. Morgan Chase, Commercial Observer reports. The 2,380 square-foot corner site could be redeveloped into a 9,520 square-foot residential building with retail space. At the corner of St. Marks Place, the site is just two blocks from the 6 train’s stop at Astor Place.
The eastern borderlands between Flushing and Murray Hill, along Northern Boulevard in Queens, have become the new frontier for builders looking to make their mark in the fast-growing Asian neighborhood. Developer Oz Levi managed to find a large development site at 144-74 Northern Boulevard, at the corner of 146th Street in Murray Hill.
Early in 2014, YIMBY reported on filings for a 13-story mixed-use project at 347 Bowery, in the East Village, and later the same year, the site’s three-story building was demolished to make way for the development. Now, per EV Grieve, the 22,857 square-foot building is a story above ground level, and will feature five three-bedroom condominiums. Additionally, three retail units will spread across 10,800 square feet on the first two floors. Urban Muse is developing, and Annabelle Selldorf is designing.
This past summer, YIMBY revealed renderings of Cayuga Capital’s six-story, 64-unit mixed-use conversion of the two-story warehouse at 600 Bushwick Avenue, in northern Bushwick. According to Crain’s, the developer has landed $28 million in financing for the 63,000 square-foot building, which will feature 12,500 and 2,500 square feet of retail and medical offices, respectively, on the ground floor. Ground was broken on the rental project in August, and completion is expected sometime in 2017. Hustvedt Cutler Architects is the applicant of record.
In October 2014, YIMBY reported on filings for a seven-story residential project at 65-38 Austin Street, in Rego Park, and now the building is currently under construction, according to DNAinfo. The building will have 65 condos across 55,630 square feet of space, for average units of 855 square feet; there will be 30 one-bedroom, 30 two-bedroom and five three-bedroom units. Bayside-based Yin Hu is the developer, and Angelo Ng + Anthony Ng Architects Studio is the applicant of record. Completion is expected sometime 2016.