78thand2nd

CIty To Spend $4M Reviewing Construction Sites

A day after the resignation of Department of Buildings commissioner Patricia Lancaster came the news that the city would spend an "unprecedented $4 million investment" to bring in outside engineers to review high-risk construction sites in the city. The Observer wraps up what happened and has a statement issued from Council Speaker Christine Quinn.

What's The Deal: Demo For 78th And 1st?

Liz writes in with a fantastic question:

“Do you know what's going on at the southwest corner of 78th & 1st?  the shops/restaurants have all been closed for months, and it seems like all of the apartments are vacated.  i'm guessing they're going to demolish the buildings and build a high-rise.....any scoop?”

The buildings are the sketchy work of developer Robert Chou -- who’s been known to dabble in bribery and perjury from time to time -- and the word last year was that the spot might be the location of a new 12 story hi-rise.

The shops have been closed for close to a year and last time we took a hard look, which was last summer when guest blogging for Curbed.com, a petition had been filed to evict five rent-stabilized tenants living in three of the buildings.

But, there's been very little activity there since last year. If anyone can shed any light, please hit the comments!

Where's Chou: Demo For 78th and 1st? [Curbed]
Upper East Side Developer Draws Ire [NY Sun]

Baraonda Building Goes For $7M

The building that serves as the home of UES Italian spot Baraonda, located at 1439 2nd Ave (at 75th), has been sold for $7.1 million. LMS Realty LLC sold the retail/residential building to Lian Holding Group for $7.1 million.

From CoStar Group:

Built in 1910, the four-story, 5,100-square-foot property is comprised of five residential units and a ground floor restaurant. It was reported that the property is 100% occupied and sold with a 4.60% capitalization rate. LMS acquired the building in 2004 for $3.5 million, according to CoStar information.

LMS Sells Upper East Side Multifamily for $7.1M [CoStar]

Twenty-Somethings Flock Back To UES?

The Observer takes a look at the growing number of born and bred UES twenty-somethings who are shunning a post-collegiate move to the city’s grittier, hipper neighborhoods for a move back to more familiar surroundings. Excerpt:

Ms. Cusick said her decision to stay put on the Upper East Side was based “entirely on location." Whether she’s going to work in midtown or downtown, the 6 train is “right there.” Having her parents close by has also proven convenient, she said.

“I can go over for dinner," Ms. Cusick said, "the housekeeper comes over to clean for me, I can stop by and pick up a bottle of wine; I get to play with the dog, then return it. It’s nice.”

Lately, a lot of her high school friends have moved back uptown after getting SoHo, the Lower East Side, or Chelsea out of their system, she said.

“At a certain point, being downtown just looses its appeal," she said, "you wake up and its like waking up in the apartment you partied in the night before."

The piece also includes New York City Dwellers real estate broker Hassan Abadi offering his thoughts on the UES’ popularity among “the younger generation”, which he says is no longer the "last resort":

“About a year-and-a-half ago, the younger generation started asking to live on the Upper East Side and I would say it's getting to be as popular as Chelsea,” Mr. Abadi said. “If their budget allows they still usually want to go to below 23rd Street to NoHo, the East Village, or the Lower East Side. But the Upper East Side is no longer the neighborhood of last resort; that’s Midtown West, I’d say. Generally they don’t like the Upper West Side either, because it's too industrial, I think.”

The Local: More Kids Dating SoHo, Marrying Upper East Side [NY Observer]

77th and 2nd To Get 19 Story Dev, Posada Might Be Pissed

We now have some clarity as to what's going on with the lot at the corner of 77th and 2nd. Afineblog, via Curbed, reports the following:

Alchemy Properties' 19 story condo project at 77th Street and 2nd Avenue...has a name, "Isis". The 19 story boutique condo will be cantilevered on 2 sides, and thanks to the air rights purchased from adjacent lots, it will have light on all 4 sides. The apartments will be "family-sized", mainly 2 and 3 bedrooms, but will also have a couple of "spectacular" 4 bedrooms. Alchemy prides itself on pricing a little below market, which if previous projects like Indigo 21 and Oculus are any indication, means a quick sell through while limiting marketing expense. All indications are that prices should be around $1600 per foot, give or take a little. The building will also benefit with 421-a tax abatement. Marketing is expected to begin in late spring of this year.

19 stories? That's about 15 more than the previous building. Meaning that "Isis" -- and more importantly, its 19 floor obstructed view -- have a good shot at really pissing off New York Yankees catcher Jorge Posada, who's newly constructed apartment is directly across the street.

The Laurel Rises, Rolls Out The Glass

The Laurel, 67th and 1st

Back in August we took in the beginnings of luxury condo development The Laurel (67th and 1st) which at the time was hard at work on its 6th floor. Much has changed (above, The Laurel over the weekend). Besides cranking out about 20 more floors and hauling out the glass for the bottom levels, they've hung one huge-ass banner pointing out its sales office. Well done.

The Laurel is also the development that's been touting the plans it has for its "bi-level fitness and triathlon training center" -- which sounds to me like they're trying to tell 255 that their forthcoming Equinox gym is “cute.”

The building is set for occupancy in the fall.

Triathletes Lured to Upper East Side Development [NY Sun]
The Upper East Side's Other Great Tower Race [Curbed]
Official Site [Laurelcondominium.com]

255 Gets Its Glass On

Last time we checked in with the upcoming 30-story high-rise at 255 East 74th was in September, when it was just getting its legs as progress on the second story was getting under way. Now, work looks to be happening on the building's 21st floor and they've begun to haul out the glass--with two floors already complete.

255 East 74th Rises [78thand2nd]
The Upper East Side's Other Great Tower Race [Curbed]