Will Yet Another Building Change Hands On East 14th Street?

IMAG0730Samantha Balaban
photo(299)Melvin Felix For Rent signs dotted the block last

On a scrappy stretch of East 14th Street that’s more than half a block long, all but one building has been sold to a mysterious developer. Now the holdout, 520 East 14th Street, may change hands as well.

Back in November, almost all of the buildings west of ABC Animal Hospital, between Avenues A and B, were leased for a 99-year period to a company going by the name of East Village 14 LLC.

The $35 million deal included five plots to the west of 520 East 14th Street and three plots to the east, according to documents.

Now David Jacobson, an owner of 520 East 14th Street, tells The Local that his building is on the market, too. “For the right price it is for sale,” he said. “All my buildings are for sale.”

The six-story tenement is home to a Dunkin’ Donuts, a tailor and a t-shirt shop, plus 40 residential units.

According to Anna Krakowski, an operations manager at East Village Property Management, it’s one of seven addresses that are on the market for a total of $100 million.

photo(89)Daniel MaurerABC Animal Hospital

Ms. Krakowski said the management company has received serious offers for the portfolio, which includes buildings on Avenue A, East 11th, East 12th and East 13th Streets. She wouldn’t elaborate on the current status of 520 East 14th Street except to say, “It’s in legal hands.”

There has been much speculation about what’s in the works on East 14th Street. A patron of the t-shirt shop who wanted to be identified only as a 47-year resident of the East Village said he heard from the owner of one of the shuttered retail stores that the plan was to build condominiums.

So far, though, nothing has been confirmed.

Mr. Jacobson said he was unaware of any development plans for the surrounding properties, but that brokers regularly approach him about purchasing his buildings. “I always thought it would be developed,” he said of the block.

Ms. Krakowski also said no one had approached the company about purchasing the building on East 14th Street as part of a development. “I don’t even know who the developer is,” she said.

photo(297)Melvin Felix Last summer.

Since the buildings surrounding 520 East 14th Street were leased, many of the stores on the block — including Bargain Bazaar, Petland and Canal Jewelry — have closed. La Isla shuttered in July after its landlord asked for an additional $3,000 per month plus additional property tax payments, an employee told The Local. More recently, ABC Animal Hospital told The Local it would move to the former Superdive space at the end of this month.

For now, it’s business as usual at 520 East 14th Street. In fact, the leases for the three retail stores were just renewed, according to Ms. Krakowski. Dunkin’ Donuts has signed a 10-year lease, and the other shops have signed on for a shorter period of time, she said.