Manhattans Avenue D Gets Another Luxury Rental Building
Arabella 101 in Manhattan's East Village was the first luxury rental building constructed on Avenue D, despite its rather negative reputation as an unsafe area. The Local reports that the developer Rash LCC has purchased four adjacent lots at the corner of Avenue D and East Fifth Street for $3.6 million in order to build a new luxury rental building with studios as well as 1, 2, and 3 bedroom apartments. The developer seeks an approval for an 80/20 residential project similar to Arabella 101. The current building with its deli supermarket is reportedly going to be torn down. The new building will feature a gym, outdoor areas and a roof deck, according to Tamir Daniel of Daniel T Enterprises, who brokered the deal on the property. Mr. Daniel also said that he believes that the new construction will immensely beneficial to the area and is a fantastic up and coming area.
It is actually quite surprising that despite Arabella 101 no new developments have taken place on Avenue D for many years. Many areas in Harlem despite their negative reputation experienced a rage of new construction. Also countless luxury buildings in Brooklyn and Queens have been built up during the last several years leaving Avenue D one of the few last undeveloped spots.