The Real Deal New York

Last gas in East Village: Condos replacing final filling station

AORE Capital to develop former BP station site at 24 Second Avenue

September 24, 2014 12:00PM
By Zachary Kussin

From left:

From left: Trever Gallina of Newmark Grubb Knight Frank Retail and 24 Second Avenue

The former BP station and an auto repair shop at 24 Second Avenue — the East Village’s last gas holdout — will give way to 50,000 square feet of condominiums and 7,000 square feet of retail, The Real Deal has learned. Construction, which is slated to begin soon, is expected to take two years to complete.

AORE Capital, which purchased the site for $32 million, will take charge of the site’s development. There are no details yet on how tall the building will stand, how many residential units it will include or the prices of those units.

City Department of Buildings records do not show demolition or new construction proposals for the plot, which is located at East 1st Street. The Attorney General’s website does not yet have an offering plan.

AORE Capital did not immediately respond to a message seeking comment.

The East Village’s three gas stations have all gone the way of development. Another BP station at 300 Lafayette Street will become a $200 million office and retail property. The Mobil station at 11 Avenue C, which will become a 41,421-square-foot mixed-use building.

AORE purchased this BP site from an entity named 24 Second Ave. Corp. in an off-market deal in July, according to the deed. Trever Gallina, a director at Newmark Grubb Knight Frank Retail who was the sole broker involved in the deal, said the site attracted numerous bidders.

“The site is the last undeveloped piece of land in this neighborhood, and AORE’s project is expected to attract considerable interest” Gallina said in a written statement. Gallina will handle marketing for the retail component of the building, which is likely to begin in a year, according to the release.

AORE developed 53 Greene Street, a six-story boutique condo near Broome Street that has five full-floor homes. A 2,771-square-foot two-bedroom, three-bathroom unit in the building sold this summer for $6.2 million, StreetEasy shows.

  • David Zar

    Congrats buddy!

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