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When Orange Management, co-developer of 123 Third Ave., purchased the site on the southwest corner of 14th Street in 2007, it was a two-story commercial building that contained a tanning salon, a porn shop and a deli.

Now it’s a 19-story high-rise with 48 condos and a Capital One on the ground floor. Since hitting the market in September 2010, the building has unloaded all but four penthouse apartments, which are on the market for between $3.6 and $4.525 million, around $1,800 to $2,000 per square foot. Whether they achieve these prices is anyone’s guess, but that they exist at all represents a significant shift of use from a tanning salon and a porn shop.

“In terms of new development, I just don’t see a ton on the horizon for the East Village, but there are a lot of strong re-sales there,” says Ari LeFauve, senior vice president and associate broker at MNS. “When a developer does have the wherewithal to build a new condo, it will sell really quickly as the last few have.”

At 74-84 Third Ave., the combination of two sites – one of which was the old home of soccer pub Nevada Smith’s – there are plans for a rental building with 10,000 square feet of ground floor retail space. And 316-318 Third St., a site that is waiting for the go-ahead on demolition, will be a ground-up eight story rental building with 33 apartments. At 9-17 Second Ave., the former Mars Bar and adjoin building have been razed for a forthcoming 12-story, 65 unit building, which could become primarily rentals.

“The Mars Bar site is the perfect example…the rental comps at 11 E First are so strong, and the Avalon buildings, that any developer would probably go rental. They have a sure rent roll there,” LeFauve says.

LeFauve notes that rents at the nearby Avalon rental buildings and 11 E. First St. are around $63 per square foot each year. This would put a 1,000 square-foot apartment in the $5,000 a month-range.

“There are rumors that there are a some nice-size pieces of land in the East Village that people are trying to buy right now, there are some transactions on land sales,” says LeFauve.

There are buildings that were going to go condo that are going rental all over the city,” LeFauve says. “I wouldn’t be surprised if we see some of these people lease their buildings for a couple of years and then renovate for condo ownership.

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