NEW YORK CITY-In a complicated deal that involves the lease of a portion of an existing building and the purchase of its air rights, a joint venture will now be able to build a 21-story luxury residential condominium tower on East 86th St.
Stillman Development International of New York City and Ceruzzi Properties LLC of Fairfield, CT signed a deal with Sol Goldman Investments to lease the lower two floors of 147 E. 86th St. and purchase the air rights. The partnership is also in contract to acquire the adjacent 151 E. 86th St., according to the Wall Street Journal.
The deals allow the developers to acquire the necessary assemblage to build a 21-story luxury condominium tower at the corner of 86th Street and Lexington Ave. The new development will feature retail on the first four floors, according to Matt Crosby, director of Eastern Consolidated, which represented both the buyers and sellers in the transactions.
Roy Stillman, president of Stillman Development, said of the property, “It has visibility. It has critical mass, and it has the opportunity for an interesting artistic impression on the façade.” See story in the Wall Street Journal.
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