NEW YORK | 1299 Third Avenue (THE 74) | 420 FT | 33 FLOORS (Elad Group)

[chris08876]

Potential Development Site. Similar to other UES sites which have manifested into towers after these types of sales.

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Site:



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Upper East Side development site ripe for a luxury condo is on the market

Real estate investment firm Premier Equities has decided to test the high-end residential market, which in recent months has been the focus of increasing concern about a potential glut of multimillion-dollar apartments.

The firm has put up for sale a group of four five-story buildings it owns on Third Avenue at the corner of East 74th Street, and one four-story property on East 75th Street.

A total of as much as 115,000 square feet can be built on the site, according to Meridian Investment Sales, the brokerage firm Premier Equities hired to sell the properties. Meridian stated the most likely plan for the site is to raze two of the five buildings and erect a 95,000-square-foot residential tower, 20 or more stories tall, in their place. In that scenario, three of the existing buildings would be preserved.

Meridian brokers Helen Hwang, Karen Wiedenmann and Brian Szczapa are handling the sale. There is no asking price, but last year the price of development sites hit record sums—north of $1,000 per square foot for prime parcels. But land sales have recently cooled because of concerns that a long list of high-end apartment projects will saturate the market.

The relatively modest size of the development and the fact that it offers a builder the chance to preserve some of the properties on the site and generate rental income from them makes the site attractive to buyers and alleviates the risk, said Hwang.

"The project could offer expansive full-floor apartments featuring soaring ceiling heights, dramatic views and modern services and amenities not readily found on the Upper East Side," she said.

Nearby the site, real estate development firm DDG is constructing a 500-foot-tall condo tower at 180 E. 88th St. that has drawn strong interest from buyers and buoyed the Upper East Side market for new condos

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http://www.crainsnewyork.com/article...do-is-for-sale

[chris08876]

^^^^^^

I highlighted the project mentioned in red.

Thread for that particular project if anybodys interested: http://forum.skyscraperpage.com/showthread.php?t=212609

The UES is going through a boom. Lots of smaller structures are being bought up. Its already the densest residential neighborhood in the U.S., and its becoming evermore denser.

[chris08876]

Looks like this will be 31 floors. I'd expect this to be 500 ft, similar to 1558 3rd Avenue aka 180 E. 88th which is u/c and nearby.

NEW YORK | 1291-1297 Third Avenue | FT | 31 FLOORS


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Thor, Premier Eyeing Resi Condo for Third Avenue Assemblage Site

Thor Equities and Premier Equities have plans to build a luxury residential tower on an Upper East Side site they have cobbled together near the Second Avenue subway, Commercial Observer has learned.

The partners earlier this month closed on the $26 million purchase of 1297-1299 Third Avenue between East 74th and East 75th Streets. That’s where Thor and Premier plan to build the 100,000-square-foot, 31-story residential condominium with retail at the base, according to a source familiar with the project. Its unit count and overall cost are still being determined, the source said. (No applications have been filed with the city yet.)

Thor and Premier will also use development rights from the two adjacent properties they own: 1293-1295 Third Avenue and 1291 Third Avenue. The residential component of those five-story buildings will also be converted to luxury condos, the source said. All three properties are around the corner from the East 72nd Street station for the Second Avenue subway, which opened earlier this month.

The sites, along with another Premiere-owned property on East 75th Street that isn’t being used in the assemblage, have about 115,000 square feet of development rights, as Crain’s New York Business noted in March 2016.

The partners also plan to overhaul the retail at the base of the two Third Avenue buildings, the source said, creating a contiguous 23,000 square feet of retail across all three buildings. JG Melon occupies the 1,000-square-foot corner at 1291 Third Avenue; the neighborhood pub and eatery has made an agreement to stay, according to the source.

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https://commercialobserver.com/2017/...semblage-site/

[PeterQM]

Soaring Condominium Tower Planned for the Upper East Side at Third Avenue & East 74th Street
January 31, 2017

Earlier this week the New York Observer reported that Thor Equities and Premier Equities are moving forward with plans to build a 31-story condominium at 1297-1299 Third Avenue (201 East 74th Street) on the Upper East Side. We uncovered two small renderings on Premier’s website showing a soaring Art Deco-styled tower where mid – to upper-level buyers will likely enjoy views of Central Park.

More INFO in the post here.

[chris08876]

Elad picks up shovel-ready UES development site

May 16, 2022

Isaac Tshuva’s Elad Group is getting into a condo project on the Upper East Side.

The Israeli billionaire’s development firm paid $61 million to buy a site at the corner of Third Avenue and East 74th Street from a joint venture of Premier Equities, Continental Ventures and Thor Equities, property records filed Monday show.

Approved plans are in place for a 33-story residential building with 47 units totaling nearly 140,000 square feet at 1299 Third Avenue.

Representatives for Elad, Premier, Continental and Thor could not be immediately reached for comment.

Premier, founded in 2009 by former fashion retailer Uzi Ben Abraham and Yaron Jacobi, paid about $62 million to assemble the development site between 2015 and 2017. (It appears that two five-story apartment buildings in the assemblage will remain, and presumably contributed air rights to the project.)

The developers had flirted with the idea of selling the site, putting it on the market at least twice in 2017 and 2019, but apparently never reached a deal.

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https://therealdeal.com/2022/05/16/e...elopment-site/

[NYguy]

https://patch.com/new-york/upper-eas...-site-sold-61m

'Illegal' Upper East Side Tower Blasted As Site Is Sold For $61M
A 400-foot tower has been approved for a rapidly-changing Upper East Side block — even as one local expert insists the project is illegal.


By Nick Garber
May 18, 2022

A 400-foot luxury tower may soon be built on a rapidly-changing Upper East Side block — despite outcry from a local expert who says its plans flagrantly violate the zoning code.

Plans call for a 33-story, 420-foot-tall tower at 1299 Third Ave., between East 74th and 75th streets. First previewed five years ago, the project has been revived in recent months, coinciding with the site being sold for $61 million to a new developer, the Elad Group.

“I’ve seen a lot of bulls--t out there — this is one where the building is illegal, it’s absolutely illegal," said George Janes, an urban planner who filed a formal zoning challenge against the project on behalf of Friends of the Upper East Side, a preservation group.

Containing 47 apartments, the tower would be built mostly on a now-empty midblock lot on Third Avenue. It would also include a one-story entrance that would be built within the rear yards of the five-story tenements on the block's south corner, which contain the restaurants JG Melon and Mezzaluna. (Both of those buildings will remain standing.)

Rather than the tower itself, it is the one-story entrance that sparked the zoning furor. Facing East 74th Street, the entrance would stand just 14 feet tall — even though the zoning code governing most Upper East Side avenues requires the bases of tall towers to be at least 60 feet high, part of an effort to maintain light and air on the street level by forcing towers to be set back further from the ground.

But Janes's challenge, filed in February 2021, was finally rejected last week by the Department of Buildings. Reached for comment, a DOB spokesperson stood by the agency's decision, saying that the 14-foot entrances were legal additions to the next-door tenements that were filed as separate projects.

Janes called that conclusion "absolutely crazy," telling Patch that neighborhood preservationists are considering whether to file any additional challenges to DOB's approval. He conceded that approving the one-story entrance may not have a drastic effect on the streetscape, though he said the zoning precedent would be worrisome.

Elad, the developer, is an Israeli-American company that also owns the Plaza Hotel and Metropolitan Life Tower downtown. As The Real Deal first reported, Elad bought the site at 1299 Third Ave. in April from its former owners, a joint team of Premier Equities, Continental Ventures and Thor Equities.

Reached for comment, the company said the building will contain luxury condominiums, with a distinctive limestone facade and "an alluring suite of amenities."

"We are eager to bring a new building to market that not only compliments the heritage of the neighborhood but is also elevated in both architecture and design," Elad president Orly Daniell said in a statement.

[colemonkee]

Just doing the quick math, these will be expensive apartments. At $61MM for the land, and assuming a $120MM buildout cost with 5% interest (likely low-balling that figure for a 30-story luxury tower with a limestone facade), you're looking at an average of ~$4.8MM just to turn a 20% profit margin. I'll take 5 of 'em!!!

[chris08876]

Excavation Underway For 33-Story Tower At 1299 Third Avenue On Manhattan’s Upper East Side

Excavation work is underway at 1299 Third Avenue, the site of a 33-story residential tower on Manhattan’s Upper East Side. Designed by SLCE Architects and developed by Elad Group, which purchased the plot for $61 million in April, the 420-foot-tall structure will yield 47 units. Press Builders is the general contractor for the property, which is located between East 74th and East 75th Streets.

A new rendering, shown above, was posted on site and shows the tower clad in limestone paneling surrounding floor-to-ceiling windows with earth-toned ornamental spandrels. The building rises from a multi-story podium and cantilevers out to the south before rising uniformly to a roof deck and mechanical extension. The corners of the western face feature stacks of recessed balconies, and there are three additional terraces on the upper levels.

Recent photos show an excavator digging below street level and exposing the stone foundations of the abutting tenements. A small network of metal poles and wooden boards is buttressing a portion of the foundation wall to the south, and the other sides are being walled off as the unearthing continues. Based on the state of progress, the new superstructure will likely not emerge until next spring.

The building will have a narrow ground-floor entrance along East 74th Street and a five-story, 60-foot-tall wing branching out toward East 75th Street with an alternate address of 204 East 75th Street.

1299 Third Avenue’s completion date is set for the summer of 2025, as noted on site. A list of amenities has yet to be announced.

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NXT

[mrnyc]

meh.

[chris08876]

Credit: Michael Young via NYY

[chris08876]

Credit: Michael Young via NYY