Buyer Of 3 Upper East Side Buildings Planning 20-Story Tower: Report

UPPER EAST SIDE, NY — A developer who purchased three adjacent Upper East Side walkup buildings for $42 million has his eyes set on constructing a tower that could rise as high as 20 stories.

Eldad Blaustein the chief executive of Izaki Group Investments told the Wall Street Journal that he is in the early stages of planning a luxury condo tower at a site currently occupied by 310, 312 and 314 E. 86th St., between First and Second avenues. Blaustein told the Journal that when he purchased the three adjacent buildings in Feburary the parcel came with the rights to build a 20-story, 80,000-square-foot mixed-use development.

The new development would likely be a luxury condominium building. Blaustein told the Wall Street Journal that he planned to build about two apartment units per floor.

The deed for 310, 312 and 314 E. 86th St., located between First and Second avenues, was purchased by an entity named IGI E86 LLC from an entity named 310 East 86 LLC. The seller is supposedly a subsidiary of large development firm Extell Development and the buyer is a subsidiary of Izaki Group Investments, real estate publication The Real Deal reported in February.

The site currently contains two three-story buildings and one four-story building, according to records filed with the city.

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