Construction crews braved the aftermath of Hurricane Sandy to start work at Alphabet Plaza, a vacant corner lot on the border of the East Village and the Lower East Side that is slated to become a 12-story, 135-unit luxury rental building, EV Grieve reported.
The owner is Kahen Properties, which purchased six lots on the corner of Avenue D and East 2nd Street for $21 million in December, as The Real Deal reported. Kahen is planning to spend another $30 million on the project, where apartments will rent in the $2,500 to $3,600 range. The building will also include some affordable units, along with a rooftop terrace, gym and doorman.
Queens-based Kahen Properties told TRD in January that it planned to break ground at the site within two months, with completion scheduled for 2014. The Department of Buildings in October approved plans to build the 108,953-square foot development, which includes 9,640 square feet of retail, EV Grieve said.
Kahen Properties, founded by Majid Kahen, bought the site from beer magnate Simon Bergson, president and CEO of Manhattan Beer Distributors, who had gradually acquired the collection of lots but never built on the site.