CIM Group has entered into contract to purchase, for nearly $90 million, the vacant 24-story, 156-unit apartment building at 301 First Avenue, located on the corner of East 17th Street in Gramercy. The future owners of the 200,000-square-foot tower are floating plans to either renovate the property into rental apartments or demolishing it for a new condominium building, The Real Deal reported. The 13,248-square-foot lot is currently overbuilt under present-day zoning laws. The building was built in 1969 to house Mount Sinai Beth Israel medical personnel and was vacated in the summer of 2016.
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Whichever I thought that there are development on property with professionally managed, nothing to anti project at site of 24-story.
A very solid building that just needs a moderate renovation so that non-millionaires can afford to live there. If the zoning is now overbuilt, demolishing the building makes no sense at this location.