Avalon Chrystie Complex Under Contract for $400M
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One of the three Avalon motherships on the Lower East Side is under contract. Ashkenazy Acquisition Corp. apparently inked a deal to purchase the Avalon Chrystie for just under $400 million, reports the New York Post. The sale includes the residential component (361 total units), the 72,300 square-foot Whole Foods (whose lease expires in 2028), and the Chinatown YMCA.
This is the first foray into residential territory for Ashkenazy.
AvalonBay Communities constructed the fourteen-story complex at 229 Chrystie Street in 2005. It was designed by Arquitectonica, and occupies 1.33 acres of East Houston real estate. The two sibling properties across the street – Avalon Bowery – followed a couple years later.
The Avalon Chrystie will soon be dwarfed by Ian Schrager’s Public Hotel, which is more than double the height.
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