The Real Deal New York

More residential development for Avenue D?

September 17, 2012 03:30PM

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From left: Tamir Daniel (credit: NYREJ), 55 Avenue D and 746-748 East Fifth Street (credit: PropertyShark)

Looks like change is in store for Avenue D. The New York Times reported that a developer, identified only as Rash LLC, who recently acquired four adjacent lots at the corner of Avenue D and Fifth Street, according to city records, intends to raze them and replace them with 80 units of housing. Rash reportedly owns multiple properties in the East Village.

The properties — located at 55 Avenue D and 746-748 Fifth Street — traded for a total $3.6 million, according to Tamir Daniel of Daniel T. Enterprises, who brokered the deal on three of the properties. The fourth came from a foreclosure proceeding.

The developer is now seeking approval for an 80/20 residential project with studio, one-, two and three-bedroom apartments and a roof deck.

As previously reported, Alphabet City is seeing new residential developments commanding high rents, despite its reputation for drugs and violence. [NYT] – Zachary Kussin

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