The Arabella 101 may soon have some company in the Avenue D luxury rental market. The Local reports that developer Rash LLC has purchased four adjacent lots at the corner of Avenue D and East Fifth Street with plans to tear down the existing buildings and erect 80 residential units. Rash LLC bought 53 Avenue D in 2007 and has now spent $3.6 million on 55 Avenue D and 746-748 East Fifth Street. If plans are approved, the building would have studios to three-bedrooms, a gym, rooftop deck, and outdoor areas. Twenty percent of the units would be affordable.
Tamir Daniel of Daniel T Enterprises closed on the properties, and he thinks that the new rentals will "bring a?I don't want to say 'quality' tenant, but you know what I mean: probably more educated, or students. It will probably create a new happening for that specific vicinity." The Local notes that some may be deterred by the trek it takes to get to Avenue D or the less-than-stellar surroundings once you're there, but Daniel is not worried. "I have no concern about filling out the units over there. I believe Avenue D is going to be a beautiful area to live." You heard it here first, kids.
· 'D' Is For 'Development'? Another Luxury Rental Building For Avenue D [NYT]
· The Rents of Alphabet City are Eastbound and Up [Curbed]