NEW YORK | 1299 Third Avenue (THE 74) | 420 FT | 33 FLOORS

[chris08876]

Potential Development Site. Similar to other UES sites which have manifested into towers after these types of sales.

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Site:



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Upper East Side development site ripe for a luxury condo is on the market

Real estate investment firm Premier Equities has decided to test the high-end residential market, which in recent months has been the focus of increasing concern about a potential glut of multimillion-dollar apartments.

The firm has put up for sale a group of four five-story buildings it owns on Third Avenue at the corner of East 74th Street, and one four-story property on East 75th Street.

A total of as much as 115,000 square feet can be built on the site, according to Meridian Investment Sales, the brokerage firm Premier Equities hired to sell the properties. Meridian stated the most likely plan for the site is to raze two of the five buildings and erect a 95,000-square-foot residential tower, 20 or more stories tall, in their place. In that scenario, three of the existing buildings would be preserved.

Meridian brokers Helen Hwang, Karen Wiedenmann and Brian Szczapa are handling the sale. There is no asking price, but last year the price of development sites hit record sums—north of $1,000 per square foot for prime parcels. But land sales have recently cooled because of concerns that a long list of high-end apartment projects will saturate the market.

The relatively modest size of the development and the fact that it offers a builder the chance to preserve some of the properties on the site and generate rental income from them makes the site attractive to buyers and alleviates the risk, said Hwang.

"The project could offer expansive full-floor apartments featuring soaring ceiling heights, dramatic views and modern services and amenities not readily found on the Upper East Side," she said.

Nearby the site, real estate development firm DDG is constructing a 500-foot-tall condo tower at 180 E. 88th St. that has drawn strong interest from buyers and buoyed the Upper East Side market for new condos

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http://www.crainsnewyork.com/article/201...site-ripe-for-a-luxury-condo-is-for-sale