Subject: RLE
Gemini Rosemont Development completes New York City East Village assemblage for $14.5 million
LOS ANGELES, July 16, 2020 /PRNewswire/ -- Gemini Rosemont Development, a New York City-based division of 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 the 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 2020 for $40 million.
The site is located on the western edge of the East Village, with close proximity to the Bowery, NoHo, Astor Place, Little Italy and the Lower East Side.
"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 which closed on July 15, 2020.
"The acquisition of 38 Second Avenue completes a strategic assemblage pieced together from multiple sellers over a two-year period," said Schubiner. "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 38-48 Second Avenue location is the third development project underway in New York City by Gemini Rosemont's Development division.
"This acquisition confirms our commitment of investing in New York City for the long term," said Ian Brownlow, Gemini Rosemont Commercial Real Estate's chief executive officer. "New York is incredibly resilient and will remain one of the most desirable places to live and work. We are actively seeking opportunities that meet our criteria to continue to grow our company's ground up development capabilities."
About Gemini Rosemont Development
Gemini Rosemont Development specializes in developing premier residential and office properties.
The company's current projects include a 44-unit luxury residential building at 101 W. 14th Street in the Union Square neighborhood of Manhattan, a development site at 171 North First Street in Brooklyn's Williamsburg neighborhood acquired in March 2020 and the newly purchased three-parcel assemblage in the East Village.
About Gemini Rosemont
Gemini Rosemont, a vertically integrated real estate investment management company, has a portfolio of approximately eight million square feet comprised of 56 buildings in 13 U.S. states valued over $1.5 billion.
Since its inception, Gemini Rosemont and its affiliates and predecessor entities have sponsored 170 investment vehicles, deployed approximately $1.2 billion of equity to purchase in excess of $3 billion of assets, and has acquired and/or managed approximately 34 million square feet of commercial real estate.
Founded in 1992, the company is headquartered in Los Angeles and has offices in Dallas and New York. For more information, please visit GeminiRosemont.com.
SOURCE Gemini Rosemont Commercial Real Estate
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