The former home of the East Village drag restaurant Lucky Cheng’s has sold a little over a year after it first came on the market. The property, located at 24 First Avenue, was being sold with another site at 99-101 East 2nd Street. Together the properties sold for $12.25 million, EV Grieve reports.
That’s significantly less than the $26 million it was commanding in February last year. Together these properties offer up 14,000 square feet of space, and have an additional 12,000 square feet of unused air rights.
If the new owner decides to bring a residential project to the site, they could potentially increase the size of the project even further if they enter into the city’s Mandatory Inclusionary Housing program (to include affordable units as part of the development).
The new owner of the site is development firm Rybak Development, which is perhaps best known for developing the ritzy waterfront condo in Sheepshead Bay.