Stellar Management has purchased an East Village development site from J.P. Morgan Chase for $12 million, property records indicate. The deal for 130 Second Avenue at St. Mark’s Place closed on Aug. 10 and appeared in property records yesterday.
According to the Avison Young property offering memorandum, there is a 4,760-square-foot two-story masonry and glass building at the corner location. The site allows for redevelopment of the 2,380-square-foot site into a mixed-use retail and residential project of 9,520 square feet.
J.P. Morgan Chase has long had a branch at the location, and a source with knowledge of the deal said the branch would vacate by the end of the year.
Avison Young’s investment sales division marketed the space on J.P. Morgan Chase’s behalf. The team declined to comment.
Stellar wasn’t immediately available for comment.