The Real Deal New York

Developer inks 99-year lease for Karl Fischer site in East Village

March 20, 2012 06:00PM
By Adam Pincus

From left: a rendering of 74-84 Third Avenue and Karl Fischer

The developer of a nine-story Karl Fischer rental apartment building planned for a corner site in the East Village signed a 99-year ground lease that requires payments each year of about $1 million.

The development company, YYY Third Avenue, signed the long-term lease for the vacant site at 74-84 Third Avenue, at 12th Street, April 27, 2011, however, a memorandum of the lease was not recorded in public records until last Wednesday, city property documents show.

A source citing city property records said the lease payment, which is not specifically recorded, could be inferred to be about $1 million per year. Prior to the document’s release, the annual lease cost was not known.

The prolific and controversial architect Fischer filed plans to build an 82,000-square-foot, nine-story residential building with 94 units, city Department of Buildings online records show. The permit has not been approved and is pending, DOB data indicate, and is to include nearly 9,511 square feet of retail, as well.

Eli Weiss, a member of the development company YYY Third Avenue, said the site now occupied by a parking lot and two buildings would be a rental building with studios, and one-, two- and three-bedroom units. He declined to comment on the annual rental payment or elaborate on the project.

YYY Third Avenue inked the deal with the property’s owner, a company called 74-84 Third Avenue Corp., which has a return address at the Marshall, Va.-based Belvedere Management.

Sam Gunter, a vice president with the property owner, declined to comment on behalf of the company.

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