Gemini Rosemont Acquires Development Site In East Village For $14.5M

A development site located at 38 2nd Avenue in East Village was recently sold for a price of $14,500,000. The property has a building square footage of 17,415, resulting in a price per square foot of $833. The seller of the site was La Salle Academy, while the buyer was Gemini Rosemont, represented by Scott Schubiner and Ian Brownlow. The brokers involved in the transaction were Brandon Polakoff and Martin Cottingham from Avison Young.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $14,500,000
• Address: 38 2nd Avenue, East Village
• Market: East Village
• Seller: La Salle Academy
• Buyer: Gemini Rosemont - Scott Schubiner & Ian Brownlow
• Brokers: Brandon Polakoff & Martin Cottingham - Avison Young

This sale will contribute to La Salle Academy's endowment fund, providing financial stability and supporting students who require tuition assistance. It is worth mentioning that Gemini Rosemont previously acquired adjacent properties at 42-44 Second Avenue and 46-48 Second Avenue in March 2020 for $40 million. With this new acquisition, they now have a combined development site that can accommodate a buildable area of 75,908 square feet and up to 101,210 square feet of residential area under New York City's Inclusionary Housing Program.