Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the multifamily market.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.