The Ascend Group LLC, of which Robert Kaliner is a principal, plans to erect a 21-story residential condominium building at 305 East 85th Street.
The L-shaped building will wrap around a property on the northeast corner of 85th Street and Second Avenue that houses the Panorama Caf¿.
The site consists of three, 5-story, walk-up apartment buildings that are in the process of demolition.
It was acquired for $42,250,000 from a joint venture of The Lincoln Property Company of Dallas and Equity Residential, a real estate investment trust in an auction conducted by Eastern Consolidated.
John Cetra of Cetra/Ruddy is the architect for the 63-unit development.
The new building will have floor-to-ceiling windows, a rooftop swimming pool, and some balconies.
The project will use air rights purchased from the building at 1648 Second Avenue that houses the Heidelberg Restaurant, one of the few remaining German restaurants that made the Yorkville neighborhood centered about 86th Street west of Lexington Avenue famous.
The new building will be the third major new residential tower under construction in the area. The Related Companies is erecting the Brompton on the southeast corner of 86th Street and Third Avenue and Extell development is building the Lucida on the southeast corner of 86th Street and Lexington Avenue.
There is excellent crosstown bus service and good local shopping in the area and there is an express stop on the Lexington Avenue Subway at 86th Street.
Alan P. Miller, senior director and principal of Eastern Consolidated, said that the properties involved in the sale had a 421-A Tax Certificate benefit as well as inclusionary bonus air rights in pace. He said that Martin Piazzola, an executive vice president and partner at Lincoln, had acquired the buildings several years ago and negotiated buyouts.
"The competition was fierce and the bid deadline we established needed to go to a second round as several groups were vying for this Upper East Side corner," Mr. Miller said.
The Ascend Group is developing "A Building" at 425 East 13th Street, an 8-story condo project, and 133 West 22nd Street, a 13-story condo project, both also designed by Cetra/Ruddy.
The L-shaped building will wrap around a property on the northeast corner of 85th Street and Second Avenue that houses the Panorama Caf¿.
The site consists of three, 5-story, walk-up apartment buildings that are in the process of demolition.
It was acquired for $42,250,000 from a joint venture of The Lincoln Property Company of Dallas and Equity Residential, a real estate investment trust in an auction conducted by Eastern Consolidated.
John Cetra of Cetra/Ruddy is the architect for the 63-unit development.
The new building will have floor-to-ceiling windows, a rooftop swimming pool, and some balconies.
The project will use air rights purchased from the building at 1648 Second Avenue that houses the Heidelberg Restaurant, one of the few remaining German restaurants that made the Yorkville neighborhood centered about 86th Street west of Lexington Avenue famous.
The new building will be the third major new residential tower under construction in the area. The Related Companies is erecting the Brompton on the southeast corner of 86th Street and Third Avenue and Extell development is building the Lucida on the southeast corner of 86th Street and Lexington Avenue.
There is excellent crosstown bus service and good local shopping in the area and there is an express stop on the Lexington Avenue Subway at 86th Street.
Alan P. Miller, senior director and principal of Eastern Consolidated, said that the properties involved in the sale had a 421-A Tax Certificate benefit as well as inclusionary bonus air rights in pace. He said that Martin Piazzola, an executive vice president and partner at Lincoln, had acquired the buildings several years ago and negotiated buyouts.
"The competition was fierce and the bid deadline we established needed to go to a second round as several groups were vying for this Upper East Side corner," Mr. Miller said.
The Ascend Group is developing "A Building" at 425 East 13th Street, an 8-story condo project, and 133 West 22nd Street, a 13-story condo project, both also designed by Cetra/Ruddy.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
6sqft delivers the latest on real estate, architecture, and design, straight from New York City.
