Excavation activity has begun at 509 Third Avenue in Murray Hill for what will become a 35-story mixed-use residential development. Situated at the corner of East 34th Street, the site has been cleared following the demolition of multiple five-story buildings that once occupied the property. Ismael Leyva Architects is the architect of record and Kevin Lalezarian under the Third and Thirty Four LLC is listed as the owner behind the applications for the 386-foot-tall structure, which will yield 229 units.
Photos through the construction fence show a lone excavator sitting in the middle of the corner plot waiting to resume work. About half of the parcel has been dug out and is scattered with rubble.
Though no official rendering has been released to provide an impression of the project’s appearance, the structure’s proposed height will give it a degree of prominence over the nearby cityscape. Occupants facing east will get ample morning daylight exposure and views of the East River, while those facing west and north will see the Midtown skyline.
509 Third Avenue is expected to yield 166,917 square feet, with 158,685 square feet designated for residential space. The 229 residences, most likely rentals, will average 692 square feet apiece. There will also be 8,253 square feet for commercial space and a 30-foot-long rear yard. The address sits two blocks from the 33rd Street subway station, serviced by the local 6 train. Access to the Queens Midtown Tunnel is located to the east at the intersection of East 35th Street and Tunnel Approach Street. The southbound lanes to the FDR drive at the end of East 34th Street are also close by, next to the NYU Medical Center complex.
An estimated completion date for 509 Third Avenue has not been announced.