Vacated East Village BP Gas Station Sells for $32M

Posted on: July 18th, 2014 at 6:04 am by
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The vacant BP gas station site on Second Avenue is now primed for development.

The Real Deal reported yesterday that the property changed hands for $32 million. Something big is coming, but it’s not immediately clear what. Rumors continue to swirl about a possible boutique hotel here.

The seller of the lot is listed in public records as 24 Second Ave. Corp., whose phone number was disconnected. The buyer took out a $39.5 million mortgage on the property, according to records, and is listed under an LLC. Yan Ouaknine, who appears to be the co-founder of development firm AORE Holdings LLC, is listed as the borrower in the mortgage.

The BP station itself shuttered for good a couple weeks ago; MRM Auto Repair had departed last month. Now the perimeter is lined with chain-link fencing, while the pumps themselves have been plucked. Meanwhile, the concrete planters still carry logos of the previous gas runners – Exxon.

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It’ll probably be a minute before any visible work transpires. This vacant parcel is now known as a “brownfield,” since there is a toxic mess below ground that needs cleanup before it’s safe to inhabit. So, if that chatter of a boutique hotel is to be believed, construction is forbidden for the foreseeable future. As part of EPA’s Brownsfields Law, there are several steps of applications and approvals necessary before foundation is poured.

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