There is exciting news for the Upper East Side in NY, as plans have been filed for a new building on a vacant lot. The proposed structure will be a 273-foot-tall building located at 1026 Third Ave., between East 60th and 61st streets. The foundation work is already underway, and the building will contain 81 units, each averaging around 1,200 square feet.
This impressive development will be owned by Kahen Properties, a company mostly known for developing rental housing. According to Buildings Department records, Kahen Properties purchased air rights from the neighboring 1028 Third Ave., home of the popular red-sauce restaurant Isle of Capri, and the building at the rear of the Kahen-owned lots, 170 Third Ave.
In fact, Kahen Properties purchased all three buildings in July 2022. While plans for a much smaller seven-story building were filed in February, the new 273-foot-tall building is a significant upgrade in size and scope.
It's worth noting that the development was initially planned to receive a tax-break replacement, as part of Gov. Hochul's housing plans. However, this tax break did not come to pass, which means that the development will be moving forward with a different financing plan. Despite this setback, the work is expected to be completed by the fall of 2024, bringing a new and impressive building to the Upper East Side skyline.
Read more about this story at MSN.