NEW YORK CITY—Gemini Rosemont Development, the New York City-based division of Gemini Rosemont Commercial Real Estate, has acquired a third contiguous parcel in New York City's East Village in an off-market deal.
The four-story former administrative building, which occupies a 3,263 square foot lot located at 38 Second Ave., traded for $14.5 million and was purchased from LaSalle New York City.
Gemini Rosemont closed on 42-44 Second Ave. and 46-48 Second Ave, in March 2020 for $40 million.
The site is located on the western edge of the East Village, close to the Bowery, NoHo, Astor Place, Little Italy and the Lower East Side.
The new building is the corner site of the assembled parcels, which is key to efficient project design," according to Paul Gerwin, executive vice president of the Development division. "The addition of the corner lot gives us more flexibility and creativity and increases the project value due to its exposure on two streets, Second Avenue and East Second Street," he said in prepared remarks.
The total lot area of the assembled site is 14,075 square feet according to city records. The combined development site can accommodate an as-of-right buildable area of 75,908 square feet and up to 101,210 square feet of residential area under New York City's Inclusionary Housing Program. Development plans are not yet available.
Scott Schubiner, Gemini Rosemont's acquisitions and development officer, led the latest deal, which closed on July 15, 2020.
"Through persistence and patience, we now control nearly the entire blockfront representing 235 feet of wraparound frontage between East Second and East Third Streets," Schubiner said.
The 38-48 Second Ave. location is the third development project underway in New York City by Gemini Rosemont's Development division.
Other projects include a 44-unit luxury residential building at 101 W. 14th St. in the Union Square neighborhood of Manhattan and a development site at 171 North First St. in Brooklyn's Williamsburg neighborhood acquired in March 2020.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
