L&M Development picks up East Village site for $12.5M

Buyer plans 12-story development project totaling 72,300 square feet

From left: 79-89 Avenue D and L&M's Ron Moelis
From left: 79-89 Avenue D and L&M's Ron Moelis

A proposed East Village development site plans to bring a 12-story, mixed-use building to a site on the west side of Avenue D between East 6th and 7th streets.

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L&M Development Partners acquired the retail site at 79-89 Avenue D for $12.5 million from the Fried family. Eastern Consolidated’s Nancy Tran and Alan Miller, who recently departed to join the Soho-based investment and advisory firm 5Points Group, arranged the sale, according to a release.

The existing single-story structure contains 72,300 square feet of floor area, which can be expanded to 96,400 square feet with an inclusionary housing bonus. L&M Development Partners plans to redevelop the property so it can house both ground-floor retail and residential units rising up to 120 feet. – Kerry Barger

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