$90M Luxury Tower Breaks Ground

NEW YORK CITY-The Ascend Group LLC has broken ground on a new luxury residential tower called the Georgica at 305 E. 85th St., near the northeast corner of Second Avenue. A source close to the development tells GlobeSt.com that the total cost for the Upper East Side project is about $90 million.

The Georgica’s name was inspired by the Georgica Pond in East Hampton Village. The 20-story, 134,000-sf building will feature 58 units including gourmet kitchens and amenities such as a children’s playroom, a fitness center and a landscaped rooftop deck with a playground. The all-glass tower will include two- to four-bedroom units, some with home offices and fireplaces, and will range in size from 1,298 sf to nearly 3,000 sf.

Site work for the Georgica is well under way, with demolition having started in August 2007 after the company shelled out $45 million for the 6,300-sf parcel of land, as GlobeSt.com previously reported. Construction is slated for completion in 2009.