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October 18, 2007
4th Avenue Glassy Condo Site Asking Almost $10 Million
Hey, talk about an interesting coincidence! A tipster passed along a listing from Massey Knakal for the 4th Avenue site we wrote about on Tuesday (and that Curbed posted about last week) where a developer intended to build a glass-lined condo. It appears that plans for the building at 438 4th Avenue (see photo on jump) were approved a couple of years ago, but the site's owner is now selling the parcels in the L-shaped footprint—along with the approved plans—for $9.75 million smackers. (Property Shark records show that two of those parcels, 438 4th Avenue and 204 8th Street, last traded hands in '03 and '04 for about $1 million.) The listing makes us think that visions of new, non-drab construction on 4th Avenue may take a little longer to materialize than we'd hoped.
4th Avenue Condos: The Next Generation? [Brownstoner] GMAP P*Shark DOB
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Comments
Perhaps the developer is selling because it cannot get financing, and is facing the loss of 421-a benefits if they can't get a foundation in the ground quick enough. Or perhaps the developer sees the deluge coming.
Tick, tick, tick.
Posted by: guest at October 18, 2007 11:47 AM
Or perhaps he just figures if he could sell for 9.75M it isnt worth the hassle or risk of actually trying to build anything
Posted by: guest at October 18, 2007 11:58 AM
They better hurry up, not only might they loose their tax abatement, but after 1 year of a inactivity a DOB filing must be reinstated, and after 2 you can no longer reinstate the job, and must file it all over again. This approval will be no good after 11/23/2007.
Posted by: Rising Crane at October 18, 2007 12:02 PM
Raising Caine, these Fourth Ave. buildings are as of right. It makes no difference to a developer if they have to file new permits or use the old ones.
Posted by: guest at October 18, 2007 12:30 PM
the 421a deadline has been extended until the end of next July so the abatement is no longer reaaly an issue. If the plans are approved it does not take 8 months + to put in a foundation.
Posted by: guest at October 18, 2007 1:32 PM
To quote Nelson Muntz, "Ha-hah!"
Posted by: guest at October 18, 2007 1:33 PM
And thus the great 4th Avenue Boom begins to lose steam.
Posted by: guest at October 18, 2007 8:21 PM
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