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Long-vacant Alphabet City corner to get 50-apartment tower

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The 14-story East Village building will also have a large community facility and retail

A 14-story residential building is set to rise on the corner of East 14th Street and Avenue C, thanks largely to a $52 million first mortgage loan provided by Madison Capital Realty (the Noho private alley condo developers), Real Estate Weekly reports.

The site, at 644 East 14th Street, was once home to the R&S Strauss auto shop, which closed in 2009, and was subsequently demolished, as EV Grieve points out. Opal Holdings purchased the site from the Rabsky Group this past summer for $23 million.

Plans now call for 50 apartments, that will boast views of the East River and come with large balconies, according to a release put out by Madison Realty. There are also plans for just over 8,000-square-feet of retail, and 21,575-square-feet of a community facility.

In their release, Madison Realty notes that, "The borrower is currently finalizing a lease with a major New York hospital to occupy the entire community facility portion of the new building." EV Grieve is speculating that it might be Mount Sinai Beth Israel, which announced in May this year that it was closing its existing space and downsizing.

Property records list Karl Fischer as the applicant of record, and the Department of Buildings has already signed off on the plans. Recently Target signed a deal for a large space between Avenues A & B on East 14th Street, which will sit at the base of Extell’s rental development.