Last gas in East Village: Condos replacing final filling station

AORE Capital to develop former BP station site at 24 Second Avenue

TRD New York /
Sep.September 24, 2014 12:00 PM

The former BP station and an auto repair shop at 24 Second Avenue — the East Village’s last gas holdout — will give way to 50,000 square feet of condominiums and 7,000 square feet of retail, The Real Deal has learned. Construction, which is slated to begin soon, is expected to take two years to complete.

AORE Capital, which purchased the site for $32 million, will take charge of the site’s development. There are no details yet on how tall the building will stand, how many residential units it will include or the prices of those units.

City Department of Buildings records do not show demolition or new construction proposals for the plot, which is located at East 1st Street. The Attorney General’s website does not yet have an offering plan.

AORE Capital did not immediately respond to a message seeking comment.

The East Village’s three gas stations have all gone the way of development. Another BP station at 300 Lafayette Street will become a $200 million office and retail property. The Mobil station at 11 Avenue C, which will become a 41,421-square-foot mixed-use building.

AORE purchased this BP site from an entity named 24 Second Ave. Corp. in an off-market deal in July, according to the deed. Trever Gallina, a director at Newmark Grubb Knight Frank Retail who was the sole broker involved in the deal, said the site attracted numerous bidders.

“The site is the last undeveloped piece of land in this neighborhood, and AORE’s project is expected to attract considerable interest” Gallina said in a written statement. Gallina will handle marketing for the retail component of the building, which is likely to begin in a year, according to the release.

Aore Developed 53 Greene Street, a six-story Boutique Condo Near Broome Street that has five full-floor homes. A 2,771-square-foot two-bedroom, three-bathroom unit in the building sold this summer for $6.2 million, StreetEasy shows.

Related Articles

Jordan Roeschlaub and Dustin Stolly, Newmark Knight Frank

Co-heads of Newmark’s debt team host holiday bash

A rendering of 1 St. Marks Place

New boutique office building headed for East Village’s St. Mark’s

Nicolai Ouroussoff and Cecily Brown with 125 East 10th Street (Credit: Columbia GSAPP via Flickr, Wikipedia, and StreetEasy)

No criticism here: Nicolai Ouroussoff, Cecily Brown buy E. Village house for $7.75M

Brett Siegel, Jean Celestin, and Evan Layne with Newmark Knight Frank offices at 125 Park Avenue (Credit: LinkedIn and Google Maps)

Newmark poaches Eastdil Secured sales team

Robert K. Futterman (Credit: Southampton Town Police)

Futterman’s latest DUI wouldn’t factor into termination case: legal expert

Jimmy Buffett and a rendering of Margaritaville Times Square (Credit: Getty Images, Margaritavilla/The McBride Company)

Sued away again in Margaritaville: Newmark claims chain breached exclusive contract

Tom Citron

Newmark’s Tom Citron heads to Colliers

77 East Third Street (Credit: Wikipedia)

Fallen angels: Biker gang clubhouse to be converted to rental apartments