Gemini Rosemont Development, a New York City-based division of Los Angeles-based Gemini Rosemont Commercial Real Estate that specializes in developing premier residential and office properties, has acquired 38 Second Avenue in New York City’s East Village. The property was purchased from LaSalle New York City Inc., for $14.5 million.
The four-story former administrative building occupies a 3,263-square-foot lot and is the third of three contiguous parcels acquired by the firm this year for future development. Gemini Rosemont closed on 42-44 Second Avenue and 46-48 Second Avenue in March for $40 million.
“When developing a project, acquiring the corner site is often the key to efficient project design,” said Paul Gerwin, executive vice president of the development division. “The addition of the corner lot gives us more flexibility and creativity and increases the project value due to its exposure on two streets, Second Avenue and East Second Street.”
The total lot area of the assembled site is 14,075 square feet, according to city records. The combined development site can accommodate an as-of-right 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. Development plans are not yet available.
Scott Schubiner, Gemini Rosemont’s acquisitions and development officer, led the off-market acquisition.
