View Single Post
  #1  
Old Posted Jul 5, 2014, 5:22 AM
Perklol's Avatar
Perklol Perklol is offline
BANNED
 
Join Date: Apr 2013
Location: Somewhere
Posts: 1,460
Smile NEW YORK | 151 East 86th Street (The Hayworth) | FT | 21 FLOORS

A New Upper East Side 'Skyscraper' Will Rise In Four Years

Wednesday, January 8, 2014

http://ny.curbed.com/archives/2014/0...four_years.php



Quote:
The same developer behind super-luxe Noho condo conversion the Schumacher has just snatched up a prime corner lot at the insanely busy intersection of 86th Street and Lexington Avenue. The Real Deal reports that Stillman Development plans to scrap what's currently two non-exciting, low-rise commercial buildings and build "a 210,000-square-foot mixed-use tower with retail on the first four floors of the building and high-end residential units up top." Another Lucida, perhaps, which tried a similar tactic across the street at 85th and Lexington? Or the Brompton, at the corner of 86th and Third Avenue?

Amassing the land to make room for this "skyscraper" wasn't easy. The seller of 151 East 86th Street is Town International, the company that owns the New York Sports Club there—which, it so happens, has been promised a lease in the new project. Town International netted $82 million in the sale. Meanwhile, the corner site at 161 East 86th Street was a little harder to come by, with Stillman entering into a rather complicated long-term lease agreement with its owner, Sol Goldman, that allows him to build condos above the retail space. Stillman says the building will be complete "in four years" time. Get ready for 2018, Upper East Siders.
Additional information per WSJ --

http://online.wsj.com/news/articles/...37080281206794
Quote:
Developers have completed a complicated part of a deal that will allow them to build a 21-story luxury condominium tower on the Upper East Side.

Stillman Development International LLC in Manhattan and Ceruzzi Properties LLC, based in Fairfield, Conn., signed an agreement with Sol Goldman Investments to lease the lower two floors of 147 E. 86th St. and purchase the site's air rights, an official said. The joint venture is also in contract to purchase the adjacent 151 E. 86th St.

The deal allows the joint venture to complete the footprint for a 210,000-square-foot residential building at the corner of 86th Street and Lexington Avenue with retail on the first four floors, said Matt Crosby, director of Eastern Consolidated, which represented both sides.

Mr. Crosby declined to disclose the terms of the lease and air-rights deal.

For Roy Stillman, president of Stillman Development, the development site has true prominence.

....

The developers are hoping to take advantage of the high demand for Manhattan luxury condominiums, which set record sale prices last year. The project will have about 60 apartments, which will be larger, family-size units, Mr. Stillman said. The tower will have an articulated glass facade, creating movement through different architectural techniques, Mr. Stillman said

....

Last edited by Perklol; Jul 5, 2014 at 6:30 AM.