Renderings of 323 East 79th Street via Boomerang Development Group;
While certain sections of the Upper East Side are protected by the boundaries of historic districts, the eastern extents have seen a modest residential boom take shape in recent years. Among the new wave of infill development is 323 East 79th Street, a 17-story condominium taking shape on a two-way Yorkville cross-street between First and Second avenues. The mid-rise is being designed by Woods Bagot and features and austere masonry façade with even arrays of oversized picture windows. A recent site visit saw the concrete frame is approximately halfway up.
Spruce Capital Partners was originally at the helm of the project, but sold the parcel to Boomerang Development Group for $13.7 million in summer 2021. This will represent the Brooklyn-based developer’s first Manhattan project; its portfolio includes Alfred on Fleet in Downtown Brooklyn, 578 Sterling Place in Prospect Heights, and 171 Lexington Avenue in Clinton Hill.
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Construction progress circa March 2022 (CityRealty
Upon completion, the new building will contain 15 full-floor units with 3 bedrooms, two baths, direct elevator access, and private outdoor space. Permits indicate that these will include a garden maisonette, and that amenities will include a gym, storage, bike room, package room, and common roof terrace.
An offering plan has not yet been filed, but CityRealty listings show that the median price of a three-bedroom condo in Yorkville is $4,145,495. It is taking shape at a time when full-floor homes on the Upper East Side have regularly ranked among Manhattan's top sales and highest-priced contracts.
An offering plan has not yet been filed, but CityRealty listings show that the median price of a three-bedroom condo in Yorkville is $4,145,495. It is taking shape at a time when full-floor homes on the Upper East Side have regularly ranked among Manhattan's top sales and highest-priced contracts.
The new condo is rising on the former site of the four-story building that once housed French restaurant Quatorze Bis; after Spruce Capital Partners filed demolition permits in January 2018, the restaurant moved three blocks north to the corner of First Avenue and East 82nd Street, reopening as simply Quatorze in February 2021. It is close to a number of other popular restaurants and bars, as well as Central Park, Carl Schurz Park, and top schools like Chapin, Brearley, and Lycee Française de New York.
Previous building via Douglas Elliman
(Douglas Elliman)
403 East 79th Street (Perkins Eastman Architects)
Site of 403 East 79th Street in March 2022 (CityRealty
It is also located in excellent proximity to what is shaping up to be a prime medical corridor. The site is around the corner from a new medical office at 403 East 79th Street, developed by Extell and designed by Perkins Eastman. Described as the Upper East Side’s first class A medical office building, the project has already signed Hospital for Special Surgery as the anchor tenant; it will take 200,000 square feet across the first eight floors. The groundbreaking is estimated for the end of the first quarter of 2022, and completion is estimated for early 2025.
The site is also located in close proximity to the Lenox Hill Hospital expansion and the site of Center East, New York Blood Center’s new headquarters, both of which have run into opposition from local activists who consider the new buildings too tall for the area. In the meantime, top institutions like Lenox Hill Hospital, New York Presbyterian-Weill Cornell, and Hospital for Special Surgery's main campus are also close by.
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