Back in 2015, YIMBY revealed the renderings for a new development coming to the corner of 86th Street and Lexington Avenue, with an official address of 147 East 86th Street. In February of 2016, building applications were filed for the site, and now, demolition is complete on the old Petco, paving the way for construction to begin on the project.
The photo of progress comes from the East 86th Street Association, and the Petco is now completely gone. Besides the demolition wrapping, the update also gives a glimpse at progress on 152 East 87th Street, rising on the same block, which has already topped-out.
147 East 86th Street also goes by 1289 Lexington Avenue, and the project will encompass a total construction area of 229,751 square feet. The cellar, first, and second floors will contain 26,718 square feet of commercial-retail space, while the rest of the square footage will be divided amongst 63 condominiums that will average a whopping 2,800 square feet apiece.
The building will stand 18 floors in all, which is fairly minor for the Upper East Side, but its bulk will still be relatively substantial, and the improvement to the street-wall along 86th Street will be immense, especially compared to the old low-slung retail structures.
The project is expected to cost $340 million to develop, and the team consists of Ceruzzi Properties, Kuafu Properties, and Stillman Development, with HOK heading the design. Completion was originally anticipated for the end of 2017, but with demolition just now wrapping up, a late 2019-early 2020 estimate is not unreasonable.