5th Avenue’s Frost Building Purchased For $8.5 Million

It’s not Wal-Mart, but it does appear that the long-vacant Frost building, located at the corner of 5th Avenue and 19th Street, has been purchased by CS Management for $8,500,000.

The mixed-use lot includes “30,500 square feet of space and comes with approximately 7,500 square feet of air rights,” according to a report by Brownstoner on Friday. As one would expect, the developer plans to add 7,500 square feet of additional apartments.

Translation: condos are on the way.

It might be sentimental, but we’ve always had a soft spot for this old building and its ghost signs. What are your thoughts on the sale? Do you think they’ll actually renovate the building, or tear it down? If you take a look at the Yelp page for CS Management, the reviews are a bit scary to say the least. Has anyone worked with this management company in the past, and if so, would you agree with the posted Yelp reviews?