A 1920s building that has been home to the grungy dive saloon, Mars Bar, for 20 years will be torn down and rebuilt into a 12-story luxury housing development in August. 9 of the current tenants will be able to buy back their apartments for … $10 each. That’s right, Ten Dollars. Not only is that a great deal, but it’s probably one of the last of its kind — a sign that the East Village and Lower East Side have changed drastically in the past few decades. Situated on the corner of E. 1st St. and 2nd Avenue, the new housing development will hold 13 apartments, 4 of whom will, according to BFC Partners, be sold by lottery for around $150,000 each.
Read the full article here.