EPIC Commercial Realty is pleased to announce the sale of the East Village Assemblage, 24 1st Avenue and 99 East 2nd Street. Two adjacent existing buildings forming an L-shaped development site in East Village, Manhattan. It was previously home to Lucky Cheng’s, the famous Drag Cabaret Bar.
With frontage on both 1st Avenue and East 2nd Street, the assemblage offers ~20,000 buildable square feet and was sold for roughly $620/BSF. The property can be developed with or without the inclusionary housing air rights providing between 19,000 – 22,000 SF. Both, 24 1st Avenue, a 3-story mixed-use and 99 East 2nd Street, a 2-story retail building,are currently vacant. The property is ideally situated only a block away from the 2nd Avenue [F, M] train station.
“The deal was marketed by many of our competitors, but we managed to bring it from listing to contract in under 10 days and to closing in under 30 days” Said Senior Associate Broker Shay Zach of Epic Commercial Realty
The deal was financed by G4 Capital Partners.Purchaser is Rybak Development Group, Sergey Rybak, a long time client of Mr. Zach since his early career days.Seller is Uri Marrache of Carmar Development LLC.
The East Village has evolved into one of the hottest spots for NY apartments in the past few decades. Most of the available rental apartments are in renovated low-rise tenement-style buildings and townhouses. Meanwhile, full-amenity buildings sprung up in recent years, like the new Avalon Bowery Place, 432 E 14th Street, EVGB etc.With NYU dorms, experimental theatres and movie houses, plenty of radical politics, the Cooper Union, saloons, café shops, and restaurants, East Village is a lively neighborhood with a lot of development activities. The area is easily accessible by MTA subway lines [6, L, F, M] trains.
Shay Zach of EPIC Commercial Realty sold the East Village Assemblage for $12,250,000, representing both the seller and the buyer.
About EPIC Commercial Realty
EPIC Commercial Realty is a full-service commercial investment brokerage firm that provides comprehensive and innovative real estate solutions to investors, property owners, and corporations worldwide. EPIC Commercial Realty is dedicated to continuously developing dynamic relationships resulting in increased capital beyond the expectation of our clients. Through such principles as integrity and hard work, we strive to develop into an esteemed commercial investment resource for property owners, investors, and corporations worldwide.
