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Avenue D: 'Bye Rite-Aid, Hello 12 More Stories of Apartments'

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The East Village Rite-Aid exodus continues. A collection of three single-story buildings on Avenue D between Sixth and Seventh streets—yes, that Rite-Aid—has been sold to L&M Development Partners for $12.5 million, a puzzling sum considering it's nearly half of the original $22.5 million ask. A development plan presented by the site's new owners calls for a 12-story, mixed-use building that would have ground floor retail space. TRD notes that the existing structure's floor area can be expanded some additional 24,000-square-feet to 96,400 if the developers incorporate an inclusionary housing bonus.
· L&M Development picks up East Village site for $12.5M [TRD]
· New 12-story, mixed-use building in the works for Avenue D [EVG]