Exclusive new renderings of 232 East 54th Street offer a glimpse of the finished look of the forthcoming rental property in Midtown East. While the 420-foot-tall structure is already topped out, the official design by Ismael Leyva Architects had previously been kept under wraps.
Other details of the development, however, still remain unclear. Until recently, Elk Investors was listed as the exclusive developer of the building, but it is possible that ownership has fully transferred to Mossanen Group and an LLC known as East 54th St. Properties. According to original zoning diagrams and preliminary renderings, the property was once designed closer to 20 stories. Today, the structure is roughly twice that height, at 40 stories.
When complete, the development will comprise 130 rental units and ground floor retail. Future residents will have access to a fitness center, a rooftop terrace, outdoor entertainment space, a laundry room, and a bike room.
Sources report that the property is expected to debut in 2020, though this has not been confirmed by the project team.
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Probably bought air rights from some adjacent building(s).
Whenever you see an LLC listed on a project that uses it’s address in the name, it’s usually just a side entity setup by the developer for separate tax purposes, avoiding bad criticisms by not using their real name anymore, etc. Clients from my office do it all the time.
Yes this a known method many developers use to beat the system.
The renderings may be exclusive, but the building looks generic.