S&S Diner Evicted; Chinese-Israeli Partnership Plans Project On Site

17th & Second Avenue Properties Corp, controlled by Uruguayan investors, won an eviction order yesterday against S&S Diner at 1753 Northeast 2nd Avenue.

A partnership between three publicly traded companies has a contract to purchase almost the entire block (60,375 square feet of land), with plans for a project on the site.

The three partners are:

  • ASRR Capital, ($42M USD Market Cap on the Tel Aviv Stock Exchange)
  • G-Resources Group ($483 USD Market Cap On Hong Kong Stock Exchange)
  • China National Building Material Co ($2.6B USD Market Cap On Hong Kong Stock Exchange)

Each will own 33% of the project. ASRR will also earn a 3% developer fee for managing the project.

ASRR announced the contract to purchase the property in February, but still hasn’t closed on the deal (they may be waiting for the tenant to leave).

An eviction notice was served to S&S on March 4 demanding that they leave by March 31. With S&S still on the property, the landlord filed a lawsuit on April 1.

 

other buildings on the property have already been demolished:

urbana tower once planned for the site