The first property, named Empire, is located at 188 East 78th St. and Third Avenue. Of the 76 one- to five-bedroom units, all but one have been sold for $600,000 to $3.9 million. The building is billed as a high-end luxury residential housing facility, providing an investment alternative to the rising cost of rentals.
The second property, named Impala, consists of a 31-story tower facing First Avenue and an 11-story building facing 76th Street. The two buildings are joined by an interior courtyard and a corridor within the buildings. There are 194 units in the two buildings ranging from 474-sf studios priced to 1,865-sf three-bedroom units. Residents will be able to purchase neighboring units to expand. This development was originally marketed as a rental building, but reportedly after months of debate, the owners decided to go condo.
The units themselves were designed by H. Thomas O'Hara and feature nine to 11-foot high ceilings and picture windows. To allow more light and to create the height of the building desired, the partnership purchased the air rights over nearby buildings. Units on the upper floors have views over the river or the Manhattan skyline and many units have terraces. Housed in the building are a health club, children's playroom and business center.
Michael Graves designed the buildings and its courtyard that features 14 bronze statues of the African antelope for which the condo is named. There's another Impala statue at the front entrance on 76th Street. The courtyard also has fountains and a running stream.
The Impala complex was also to include a third building that faces 75th Street. This building was completed and overlooks the courtyard, but it now stands as a separate building. The 29 units in this seven-story building did not go condo, but have been leased instead with no vacancies.
The Impala and the Empire are two of only a total of five condos planned for the East Side this year. The total First Avenue complex cost Davis and RFR a total of $105 million, $95 million alone for the 31-story building. The owners expect approval on their plans to return from the state attorney general's office by Nov. 1.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
