Could something finally be happening at this stalled Lower East Side construction site? The beginnings of a 12-story residential building at 208 Delancey St. have been a neighborhood eyesore for several years. Now The Real Deal reports that a group of investors has finally unloaded the site for $29 million.
According to the story, the development parcel with frontages on Delancey and Pitt streets, was sold to New Empire Real Estate Development, which is, “managing the project for a developer based in the Chinese second-tier city of Wuhan.”
In 2011, The Lo-Down first reported that 53 investors had pooled their resources to buy five parcels for $8.5 million. They planned to build a 69-unit condo project with 8300 square feet for ground floor commercial use. Construction got underway but then stopped. A deal to sell the site collapsed with the seller and prospective buyer tangling in court.
Andy Zhu, heading up the original investment group, told The Real Deal, “The Lower East Side is better for rentals. We don’t do a lot of rentals.”
No documents have showed up in city records just yet, so we’ll have to wait to find out what the new owners have in mind.