S.W. Management has acquired the vacant development site spanning 1179-1183 Second Avenue and 249-251 East 62nd Street, on the Upper East Side, for $64.3 million. According to Crain’s, the property lot at the corner of Second Avenue and East 62nd Street, at 253 East 62nd Street, is not included in the acquisition, although its former five-story predecessor was demolished just last year. The site that was newly acquired can accommodate 87,650 square feet of development potential as-of-right. A future building could include ground-floor retail space and residential units above. Plans for the site have not been disclosed. Sometime between 2009 and 2011, five tenement buildings ranging between three and five stories were demolished at the site.
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