A more conservative developer during an earlier market cycle might have bought the 24-foot-wide lot at 243 East 7th Street, between Avenues C and D in Alphabet City, and built a rental project with a dozen apartments spread over the less than 10,000 square feet of allowed residential space. But today, the site – picked up for $3.15 million in early 2013, $200,000 off the price paid by the seller in 2008 – is destined for just two multi-floor apartments.
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