As top-of-the-market condos such as 15 Central Park West and 520 Park Avenue show, nothing imbues quality and refinement like a classic limestone facade. With imitation being the sincerest form of flattery, a new limestone apartment tower may be in the works for the underbuilt southeast corner of 79th Street and Lexington Avenue on the Upper East Side.
Renderings posted on the website of Alexander Gorlin Architects show a sumptuous, 18-floor development at the site, complete with an elegantly-designed ground floor and an understated tiered massing. While we are not certain if the images depict the project to come, back in February 2018, The Real Deal reported that major residential developer HFZ Capital Group purchased the two-floor bank building at the site for $22.5 million.
Google streetview of buildings owned by HFZ Capital on East 79th Street and Lexington
The existing glassy structure, addressed at 1135 Lexington Avenue, was built just a decade ago and currently hosts a First Republic Bank. TRD notes that HFZ owns six adjacent properties at 150, 152, and 154 East 79th Street, and 1129, 1131, and 1133 Lexington Avenue that could reap a new tower of at least 80,000 buildable square feet. The district has a height limit of 210 feet.
Given the coveted location, a few avenues east of Central Park and stone's throw from the Lexington Avenue subway line, it's likely condos are in store. Gorlin Architects' description tells us their design comprises 36 condos and two full-floor penthouses "that exemplify Matisse’s ‘luxe, calme et volupté’ —the only way to live." There would be several retail storefronts (hopefully not another bank), and the tower would boast "lyrical limestone fluting," "a sensually-carved solid granite entry," and an Art Deco-style decorative gate.
Relatively new condo ventures nearby include 200 East 79th (at Third Avenue) where recent closings average north of $2,200 a foot, and 300 East 79th (at Second Avenue) whose recent sales hover around $1,800 a foot. Neither buildings have any availabilities. Closer to Central Park, the 2013-built 135 East 79th Street has three graciously-sized condos blending to $4,000 a foot.
Led by Ziel Feldman, HFZ Capital has several high-end condo developments in sales. They include The XI, a twisting West Chelsea complex designed by Bjarke Ingels Group, 88&90 Lexington, and The Bryant.
The relatively new condo building at 135 East 79th Street, 300 East 79th Street, and 200 East 79th Street
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