Ave U Lot Sells for Nearly $1.5 Million, Condo To Come?

This old, ugly building at 702 Avenue U sold for $1,483,000 on March 23. It sure didn’t get that dollar amount for it’s chic example of modern architecture. Located on the corner of East 7th Street, the 3,000 square foot lot with R6A zoning is probably what attracted such a fancy price tag. Demand from the Orthodox community has fueled a number of condo projects on the western end of Avenue U, and this could be the latest example of a development on a smaller lot. Under the area’s zoning, developers can stack up to seven stories, and they can build up to ten residential units without parking.

The new owner is 702 Avenue U Holdings LLC, located at 426 Nassau Road in Roosevelt, NY. We couldn’t find a name behind the LLC, but the address is the same as a landscaper.