In December of last year, an LLC going by Terrace on the Park picked up a development site at 1399 Park Avenue, taking up the full block face between East 103rd and East 104th streets, in East Harlem.
They’ve wasted no time in filing permits, with an application submitted to the Department of Buildings on Friday to erect a 23-story, 108-unit residential tower.
1399 Park Avenue will have 94,000 square feet of residential space (for a rental-sized average unit size of 870 square feet), with between two and ten apartments per floor starting on the sixth floor. At the bottom will be 20,000 square feet of community facility space, with no detail in the Schedule A filing about what sort of tenants it might accommodate.
The project will also, unfortunately, contain a 54-car parking garage, mostly in the basement but with a handful of spaces on the ground floor. The parking is included not because the developer wants to build it, but rather because of the Department of City Planning’s absurd minimum parking requirements, in effect for large projects north of 96th Street on the East Side and 110th Street on the West Side, not to mention nearly everywhere in the outer boroughs. (Nevermind that the 6 train stops just down the block on Lexington Avenue, taking you to Grand Central in just 12 minutes.)
The filing revealed the developer as Jeremy Markowitz, with Heritage Real Estate Partners. The permit was filed by Goldstein, Hill & West Architects.
1399 Park Avenue’s assemblage, which currently contains two decrepit and disfigured three-story townhouses, was purchased for $12 million, or $105 for every net square foot of new space.
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