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Gemini Rosemont Completes East Village Assemblage
Gemini Rosemont Development, a New York City-based division of Gemini Rosemont Commercial Real Estate, acquired 38 Second Ave. in the East Village from LaSalle New York City Inc., for $14.5 million. It’s the third of three contiguous parcels acquired by the firm this year for future development.
“The acquisition of 38 Second Ave. completes a strategic assemblage pieced together from multiple sellers over a two-year period,” said Scott Schubiner, Gemini Rosemont’s acquisitions and development officer. “Through persistence and patience, we now control nearly the entire blockfront representing 235 feet of wraparound frontage between East Second and East Third streets.”
The total lot area of the assembled site is 14,075 square feet. The combined development site can accommodate a buildable area of 75,908 square feet under current zoning and up to 101,210 square feet of residential area under New York City’s Inclusionary Housing Program. Development plans are not yet available.
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
- ◦Sale/Acquisition
