Developers Plan 20-Story Apartment Building On Upper East Side

UPPER EAST SIDE, NY — Development firm Izaki Group Investments filed plans with the city Department of Builings to construct a new 20-story housing development at a mid-block site on the Upper East Side.

The new development will rise 20 stories on East 86th Street between First and Second avenues, according to building plans. The tower will contain 68 apartment units and ground-floor retail spaces.

With 122,143 square feet of planned residential space, the average apartment unit in the new development will be about 1796 square feet large. The size of the units and the fact that each floor will have no more than four apartments indicate that the new building will be marketed as luxury housing. Planned residential amenities include roof terraces, an exercise room, a children's room, a lounge, bike parking and a yoga room.

Izaki will use the remaining 6,382 square feet of development space will be used for retail units on the ground floor. Retail tenants have not been announced.

The new development will replace four existing low-rise buildings on the mid-block site. Izaki Group Investments filed plans to demolish 308, 310, 312 and 314 E. 86th St. in January 2018.

Izaki Group Investments purchased three of the buildings from Extell Development last year, the Real Deal reported. The two development firms cut the deal for $42 million, according to the report. Along with the existing buildings, Izaki Group Investments acquired the rights to build a 210-foot-tall structure with 71,240-square-feet of buildable space, the Real Deal reported.