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…
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
And thus the great 4th Avenue Boom begins to lose steam.
To quote Nelson Muntz, “Ha-hah!”
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.
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.
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.
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
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.