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$10 Million Living on Avenue D Gets a Discount

When the Flowerbox Building stormed onto the Avenue D scene in 2007, the boutique building's developer claimed the triplex penthouse was pre-sold for $10 million, helping to finance construction. "This is Perry Street, this is 77th Street between Amsterdam and Columbus," Flowerbox broker Larry Carty said at the time. "Buyers weren't worried about Avenue D. If anything, they were saying, 'Where exactly is that?" But where exactly was the record of any such sale? As the building sprouted magnificently and Flowerbox units closed, the penthouse never followed. Construction delays? Perhaps, but the $9.2 million listing that made it online had people asking questions. Now the mystery is solved. The Alphabet City gamechanger finally closed at the end of July, for $5.75 million. A far cry from $10 million, but still an epic price for the location. So who bought it?

The buyer listed on the paperwork is KT Realty LLC, and the address given is the Flowerbox's penthouse. No help there, but the LLC "partner" that signed is Jun Makihara, an investment banker (at one time, at least). In CityRealty's profile on the Flowerbox Building, it notes that the developer "found a Japanese couple to pre-purchase the penthouse unit," which probably means the buyer is the same that at one time was said to be ponying up $10 million. So what happened? The flowers smell a bit less fresh in this market climate? Or was the balance forked over in under-the-table cash to pay contractors back in the day?
· 259 East 7th Street, PH sold on Jul 29, 2009 [Natefind]
· Flowerbox Building coverage [Curbed]

Flowerbox

259 e7th st, New york, NY 10009