69 Ave C buyer files to add 2 floors 36 days after $5.9M deal

69 Ave C QOZB LLC paid $5.9 million for 69 Avenue C in the East Village on Aug. 20 and filed with the Department of Buildings 36 days later, on Sept. 25, to add two floors and take the corner building from 2 homes to 8, according to city property and building records.

Why it matters

The filing is an alteration, not new construction. DOB lists job M01464366-I1 as an “Alteration CO,” meaning the work changes the certificate of occupancy, and describes a horizontal and vertical extension of the existing two-story mixed-use building, with two floors and a penthouse added. The building now has 2 dwelling units and 1 commercial space. The plan raises it to 4 stories and 8 dwelling units, with a stated cost of $499,902 and 5,304 sq ft of construction floor area. The filing was in plan examiner review at last check.

The buyer’s name points to the opportunity zone program. QOZB stands for Qualified Opportunity Zone Business. Under the federal rules, investors can put capital gains into a qualified opportunity fund, which can hold property through such a business. Gains invested that way can be deferred, and gains on the new investment can be reduced or excluded if the holding period is met. The fund generally has to substantially improve a purchased building, meaning it invests in improvements an amount at least equal to the building’s purchase price, within 30 months. The deed and the DOB filing do not say whether this deal is structured that way, so that is an inference from the name.

We could not tie the LLC to a named firm. The deed lists the buyer at a Brooklyn address. The DOB owner business name is Bronx Gardens Rehabilitation LLC, a different entity from the deed buyer, and the filing was made by an outside engineer and a Brooklyn expediting firm. Two web searches turned up no developer behind either LLC.

The seller, H & L Laundromat Holdings LLC, paid $3.4 million for the lot on July 13, 2023 and sold it for $5.9 million about three years later.

The numbers

• Deed: $5,900,000, dated Aug. 20, 2026, recorded Aug. 28, 2026. Block 387, lot 33.
• Deed to filing: Aug. 20 to Sept. 25 is 36 days. From recording it is 28 days.
• Prior sale: $3,400,000 on July 13, 2023. The seller’s gain was $2.5 million, or 74%.
• Price per proposed home: about $737,500 at $5.9 million over 8 units, before the work.
• Filing: Alteration CO, 2 to 4 stories, 2 to 8 dwelling units, $499,902 stated cost.
• Financing: no mortgage on the lot appears in the city data for this deed. The ACRIS records for this property are current only through Aug. 31, so a loan recorded later would not show.

What’s next

Watch for DOB plan approval and a permit, which would confirm the scope, and for a mortgage recording against the lot, which would show who is funding the work. Our New York coverage tracks follow-up filings as they post. ACRIS access was down for this report, so the deed details come from NYC Open Data.