The Real Deal New York

East Village assemblage may give way to new housing development

December 18, 2012 12:00PM

Rumors circulating about a planned housing development rising on East 14th Street between avenues A and B appear to be grounded in reality. EV Grieve reported that eight lots at 222 Avenue A and 504-530 East 14th Street near Avenue A traded for $35 million to an LLC called East Village 14. The eight lots include retailers, such as Stuyvesant Grocer and Bargain Bazaar, as well as the ABC Animal Hospital. According to EV Grieve, landlords have broken leases for stores along this stretch.

As previously reported, Alphabet City — once known as a neighborhood where drugs and violence were prevalent — is seeing new residential development and skyrocketing rents.

Other new developments in the area include the 78-unit Arabella at 101 Avenue D between 7th and 8th streets The Brody Amirian Group is also building a 33-unit property on Avenue D. which will reportedly yield rents of more than $50 per square foot. [EV Grieve]Zachary Kussin