Seth Tepper's dream of redeveloping his childhood home on East
6th 7th Street and Avenue D has come true in the form of the Flowerbox. And how! Tepper & Co. used the purchase of a $10 million dollar penthouse unit to partly finance construction. That's $10 million for an apartment on Avenue D! Lead broker Larry Carty believes this block is something special, comparing it to other popular blocks in much ritzier hoods, saying "This is Perry Street, this is 77th Street between Amsterdam and Columbus." But this is Avenue D, a block surrounded by public housing and where the nearest subway car is a long walk or bus ride away. That's got to mean something, right? Not according to Carty, who explains "These aren't buyers concerned about riding the A, C, E train to work. Some people have the luxury of taking corporate cars home." Welcome to Alphabet City 2.0.
· $10 Million for Apartment on Avenue D [NY Sun]
· Development du Jour: Flowerbox Building [Curbed]