1482 First Avenue Continues Rapid Ascent on Manhattan's Upper East Side

Construction is rising on 1481 First Avenue, a 30-story residential tower on Manhattan’s Upper East Side. Designed by Hill West Architects and developed by Alchemy-ABR, the 395-foot-tall structure will span roughly 161,000 square feet and yield 89 rental units. Eighteen of the apartments will be rent-stabilized for residents earning 80 percent or less of the area median income (AMI). The project will also include nearly 1,500 square feet of commercial space. Paris Forino is the interior designer for property, which is comprised of two conjoined interior lots by the intersection of First Avenue and East 77th Street.

More than two-thirds of the reinforced concrete superstructure has been built since our last update in early June, when construction had recently reached street level. Crews are working to frame out the fenestration on the lower levels with metal studs and insulation boards, and window installation should begin in the coming weeks. Based on the rapid pace of construction, YIMBY expects the tower to top out before the end of the year.

1482 First Avenue. Photo by Michael Young.

The property was formerly occupied by two low-rise buildings that were demolished for a combined $1.8 million in the summer of 2025.

1482-1484 First Avenue, via Google Maps

Alchemy-ABR paid $20.8 million for 1484 First Avenue in an off-market deal from the Parkoff Organization and Prize Network Group. The developer later acquired 1482 First Avenue for $8.3 million and spent $10 million on development rights for the two abutting properties. The firm recently secured a $127 million two-part construction loan from Helaba to finance the new tower. Dentons and Simpson Thacher & Bartlett LLP assisted the developer in the transaction.

A list of residential amenities has yet to be disclosed. The nearest subway from the ground-up development site is the Q train at the 86th Street station at the corner of East 83rd Street and Second Avenue.

1482 First Avenue’s anticipated completion date is slated for the end of 2027, as noted on site.

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