Ascend Group LLC has acquired a development site at 421-433 East 13th Street and is demolishing a two-story garage there in preparation for construction of an 8-story building with 92 apartments.
The property was acquired for $19,763,000, or about $295 a square foot, and preliminary designs have demonstrated the feasibility of a 89,023 square foot structure that uses more than 20,000 square feet of development rights that Ascend also acquired.
"The East Village has seen a surge in demand for high-end residential property and condos alike," said Massey Knakal Partner James Nelson, who exclusively represented the seller, Time Equities Inc., with Broker Michael Soleimani.
The midblock site is between First Avenue and Avenue A in the East Village.
Mr. Nelson told CityRealty.Com today that the project will be "as-of-right," that is, within existing zoning and building regulations.
Attempts by CityRealty.Com to reach Rob Kaliner of Ascend Group LLC for information about the new building's design and building type were unsuccessful.
The property was acquired for $19,763,000, or about $295 a square foot, and preliminary designs have demonstrated the feasibility of a 89,023 square foot structure that uses more than 20,000 square feet of development rights that Ascend also acquired.
"The East Village has seen a surge in demand for high-end residential property and condos alike," said Massey Knakal Partner James Nelson, who exclusively represented the seller, Time Equities Inc., with Broker Michael Soleimani.
The midblock site is between First Avenue and Avenue A in the East Village.
Mr. Nelson told CityRealty.Com today that the project will be "as-of-right," that is, within existing zoning and building regulations.
Attempts by CityRealty.Com to reach Rob Kaliner of Ascend Group LLC for information about the new building's design and building type were unsuccessful.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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