The wheels are being set in motion to finally begin construction on the long-stalled residential project at 75 First Avenue, EV Grieve reported. The site was originally purchased for $3.7 million in 2005 by former Corcoran broker and Ozymandius Realty founder Anthony Marano, and renderings for a 14-story, 30-unit condominium made the rounds in 2007. But by 2009 it made the Department of Building’s list of stalled projects. Now, Marano tells EV Grieve, that he has restructured the financing on the site, and has obtained a work permit for the empty lot. But because of zoning changes that went into affect in November 2008, Marano said he will have to take about 80 feet off the top of the building. [more]

Eastern Consolidated’s David Schechtman and a stalled development site at 75 First Avenue

At least one of the projects on the city’s list of stalled development sites may soon be changing hands. Chinatrust Bank has named Eastern Consolidated as the exclusive broker in the sale of two non-performing commercial mortgages, at 75 First Avenue in Manhattan and 333 Fairmont Avenue in Jersey City. Originally slated to become residential condominiums, 75 First Avenue is now listed by the Department of Buildings as one of nearly 400 stalled construction sites in New York City.  More

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