An auction takes place this afternoon at the Hotel on Rivington for two small buildings — 24 First Ave. and 99-101 East Second St. — that are in danger of foreclosure. As EV Grieve has been reporting, 24 First Avenue is the former home of Lucky Cheng’s. the legendary drag night spot.
The L-shaped development site was marketed by property owner Carmar Development, LLC last year at a price of $26 million. The owner is at risk of defaulting on an $11 million loan. The buildings are just 2 and 3 stories, but a new developer could cobble together 30,000 square feet for a residential project, Crain’s reported. The properties were purchased in 2015 for a little under $10 million.
As EV Grieve noted, Lucky Cheng’s owner, Hayne Suthon, had owned the buildings since 1986. She died of cancer in 2014.
You can find out more about the auction here.
