Four and a half years have passed since an illegal tap into a gas main caused a deadly explosion in the East Village, and it seems the dust barely settled before both legal and real estate action were taken. As closing arguments in the prior landlord’s trial took place, impressive progress was reported on the new condominium rising on the site at 45 East 7th Street. The seven-story building is nearly at full height and awaiting a light brick facade designed by Morris Adjmi Architects, which is known for its respect for historic neighborhoods. The project is being developed by Nexus, which bought the site for $9.15 million in June 2017 and is working in partnership with Immobiliare Capital and Premier Equities.
The new building's ground floor will be devoted to retail, and cast stone banding will separate this component from 21 residential units on top. Details on the one- through three-bedroom apartments are not yet available, but it is clear that they will enjoy incredible natural light from sizeable windows and 10’ ceilings.
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CityRealty data reports that East Village condos are selling at an average of $2,018 per square foot. While few details of the residences at 45 East 7th Street have been released, Nexus has three downtown condo projects nearby that may hint at the quality of product to come. In the Lower East Side, work is winding down on 260 Bowery, another collaboration with Morris Adjmi Architects with a three-bedroom simplex listed for $4.75 million. Additionally, condos recently started selling at 165 Chrystie Street, which has full-floor condos overlooking Sara D. Roosevelt Park starting from $3,065,000. Also closeby, Nexus has begun closings at 80 East 10th Street, a corner-lot condo develpment whose remaining 3-, 4-, and 5-bedroom homesstart at $6,500,000.
Because of its address in the East Village/Lower East Side Historic District, the project could not go forward without the approval of the Landmarks Preservation Commission. No action was taken at a July 2018 hearing, but a design with minor modifications was approved less than one month later. A brighter facade and more traditional windows were instrumental in Landmarks approval, as was a permanent plaque to honor the two people who died in the explosion.
Construction progress circa November 2019 via CityRealty
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