Mergers & Acquisitions

How Much Did This Gas Station Just Sell For?

Hotel expected to replace one of East Village's last gas stations

NEW YORK -- A BP service station and auto repair shop in the East Village in New York--one of the area's last gas stations--has been sold to make way for a hotel.

East Village New York BP (CSP Daily News / Convenience Stores / Gas Stations)

The price tag? $32 million.

Rumors circulated online in May that the lot would give way to a boutique hotel, reported The Real Deal.

The seller of the lot is listed in public records as 24 Second Ave. Corp., according to city records cited by the newspaper.

Both the BP station and the shop, MRM Auto Repair, are now closed, an insider with knowledge of the transaction told the paper.

The buyer took out a $39.5 million mortgage on the property, according to the records.

The East Village has three gas stations, said the report. One is a BP that will give way to a $200 million office and retail development. The other, a Mobil station, is slated to be turned into a mixed-use property, according to the records.

Click here for the full Real Deal report.

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