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.
Upper East Side
Back in May of 2014, YIMBY reported on plans for a 19-story, 30-unit residential building at 301 East 61st Street, located on the corner of Second Avenue, at the bottom of the Upper East Side. Since then, the project has risen silently and construction on the exterior is largely wrapping up, as seen in photos by Tectonic. The structure measures 58,957 square feet in total and includes 1,035 square feet of retail space on the ground floor. The residential units will be condominiums, many of them duplexes, and should average 1,456 square feet apiece. Amenities listed in the Schedule A include bike storage on the ground floor, a recreational room on the 13th floor, and a rooftop terrace. Real Estate Inverted Development is the developer and Garrett Goulay Architect is behind the design. Completion is expected later this year.
Back in November, we reported on a proposal to take a seven-story residential building at 1143 Fifth Avenue, between East 95th and 96th streets in the Carnegie Hill Historic District, and enlarge it to 13 stories. That really didn’t go over well with neighbors and preservationists, and the Landmarks Preservation Commission didn’t approve it. Last Tuesday, a new proposal, one that would have the existing one-story addition rebuilt as a two-story addition, also did not pass muster with the commissioners.
Related Companies’ luxury rental development at 205 East 92nd Street, in the Upper East Side neighborhood of Carnegie Hill, is set for occupancy in May. Now, we have a new renderings, both exterior and interior, of the coming development, now dubbed The Easton. If the address sounds familiar, the building used to be known as the Henley.
Construction of the 24,000-square-foot Bottega Venetta boutique store is in full swing at the intersection of Madison Avenue and East 64th Street. The retailer will occupy 740 Madison Avenue along with 23 and 25 East 64th Street. It acquired the property from the Wildenstein family of international art dealers in the fourth most expensive lease of 2014, with an estimated rent of $8 million. Sitting one block east of Central Park and a few blocks north of the Billionaires’ Row rising along 57th Street, the site is within the Upper East Side Historic District, meaning that the developer had to engage in a delicate design and approval process before starting work on the three 19th century buildings.