Building that housed Lucky Cheng's on 1st Avenue now on the auction block
After failing to attract a buyer in recent years, the potential development sites at 24 First Ave. (the onetime home of Lucky Cheng’s) and 99-101 E. Second St. will be put up for auction later this month…
The auction is Jan. 24 at 1 p.m. Here are a few details about that from the auction site:
Terms & Conditions of Sale: Property will be sold free and clear of all monetary liens. In order to register to bid, all prospective bidders must present a cashier’s check in the amount of $1,000,000 made payable to “____________________”. Within 48 hours following the auction, Successful Bidder must post a deposit in the total amount of 14% of the high bid.
Landlord Carmar Development, LLC, had put the two-building parcel up for sale in February 2017. (We wrote about that here.) The L-shaped properties were seeking $26 million then.
As for what a new landlord might be able to do here, we’ll go back to the auction site:
Currently Improved with a 7,748 Sq Ft Mixed-Use Building & 4,648 Sq Ft Retail Building
Substantial Unused Air Rights
• 28,540 Sq Ft Buildable Site (3,418 Sq Ft Cellar) – Per Architect Plans, with Inclusionary Housing
• 26,483 Sq Ft Buildable Site (5,297 Sq Ft Cellar) – Per Architect Plans, without Inclusionary Housing & with Full Lot Merge
• 24,610 Sq Ft Buildable Site (5,298 Sq Ft Cellar) – Per Architect Plans, without Inclusionary Housing
Annual Real Estate Taxes: $141,977
Hayne Suthon, who owned and and operated Lucky Cheng’s, the cross-dressing cabaret, also lived in the building. She died of cancer at age 57 in June 2014.
Suthon had owned the properties since 1986, paying $800,000, city documents show. According to public records, the address changed hands to Carmar Development in February 2015 for a little more than $9.6 million.
Previously on EV Grieve:
Myron Mixon’s Pride & Joy BBQ now in the works for the former Lucky Cheng’s space