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Will This Prime East Village Corner Birth Another Condo Tower?

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A development site across the street from 51 Astor Place has sold for around $50 million, The Real Deal reports. The buyer is real estate investor Arthur Shapolsky, son of prolific developer Sam Shapolsky, and while he could build a 41,500-square-foot commercial building or a smaller residential building on that prime corner of Third Avenue and St. Marks Place, it sounds more likely that his plan is to flip the property. "Is he flipping? Is he buying? He's an in-and-out kind of guy," a broker told The Real Deal.

· Investor Arthur Shapolsky in contract for $50M East Village site [TRD]
· East Village coverage [Curbed]
· 51 Astor Place coverage [Curbed]