Demolition work has concluded at 201 East 23rd Street, the site of a 19-story residential building in Kips Bay, Manhattan. Developed by Naftali Group, which acquired the property in a 99-year ground lease for $21.5 million last September, the 210-foot-tall structure will span 111,000 square feet and yield 69 units, likely condominiums, as well as ground-floor retail space. The property is alternately addressed as 301 Third Avenue and is situated at the intersection of Third Avenue and East 23rd Street.
Recent photographs show the plot cleared of the two-story commercial building formerly occupied it. Naftali Group signage with the words “A new classic is being crafted,” adorn the sidewalk fencing. YIMBY predicts construction to break ground sometime later this year.
Photo by Michael Young
Photo by Michael Young
Photo by Michael Young
The below Google Maps image shows the former site conditions prior to demolition work.
Image via Google Maps
The nearest subway station from the upcoming development is the 23rd Street stop to the west along Park Avenue South, servicing the local 6 train.
An architect, construction timetable, and renderings have not been disclosed.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
Wonder how the land lease will affect the pricing of what are usually quite high end apartments…
Just the sidewalk fence is beautiful, and what about other progresses? Thanks.
At least nothing of value was lost
Condominiums are impossible with a ground lease, so its either going to be rentals or coops.
look at battery park city
BPC is owned by the city, not a private entity