The East Village is set to get two new condo developments. Bridgeton Holdings and Amirion Group have bought two parcels at 436 and 442 East 13th Street for $9.5 million. The sites allow for 26,000 s/f of new construction, and the investors are unsurprisingly thinking condos.
Ivan Hakimian of HPNY was involved in the off-market deal. The seller of the parcels, located between First Avenue and Avenue A, is a family owner.
Atit Jariwala, principal of Bridgeton Holdings, told Real Estate Weekly that the developers will build two six-story buildings with full-floor units. He added that they have secured construction financing, and work is expected to start in the summer.
“This was a rare opportunity to acquire two development sites in Manhattan’s most sought after neighborhood,” said Jariwala. The developers plan to benefit from tight inventory and rising demand for “family-sized condos” in the neighborhood. “We are bullish on the neighborhood and new developments will continue to make East Village a 24/7 destination,” said David Amirian, principal of Amirian Group.
Amirian Group is no stranger to the East Village, having just completed a 33-unit residential building at 316 East 3rd Street. The neighborhood is seeing a residential construction boom. Two blocks west of the site just sold, a partnership of SK Development, Ironstate Development Company and Charles Blaichman is developing an 82-unit condo building at 211 East 13th Street.