NEW YORK CITY-Skyline Developers LLC has paid $36 million for 1381 through 1389 Third Ave., which sits on the corner of 79th Street and Third Avenue. The luxury development company plans to construct a luxury rental property on the site.
Skyline purchased the five building area, which contains residential and commercial buildings. The purchases give the company 150,000 sf of development potential, once all the properties are demolished.
"Based on the success I experienced developing 170 East End Ave., [a residential-condo project] I think there is still a huge demand for family-size apartments on the Upper East Side," says Orin Wilf, president of Skyline. "This time, I'm taking a unique approach by building a luxury rental rather than a condominium. There is no other product today that addresses this market."
While plans for the building are still in the early stages, Wilf tells GlobeSt.com that the project will have a mix of large apartments suited for families as well as a two-story retail component. Skyline is currently building two residential condo buildings, one at 170 East End Ave. and the other at 37 Wall St., but the move toward a rental project was market driven. "There is great need for larger rentals since over the last 10 years everything has been built as a condo." But Wilf adds, "I think New York will always have a market for luxury condos."
Construction at 37 Wall St. is almost complete, and more than half of the building is occupied. This project has signed Tiffany and Co. as a retailer in the base of the building. The company is taking 7,600 sf. 170 East End Ave. is 90% sold, with residents about to begin moving in this fall.
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