Developers Plan Luxury Condo On 6-Building UES Site, Report Says

UPPER EAST SIDE, NY — Two real estate developers are moving forward with a joint effort to build a new luxury condo building on the Upper East Side, according to reports.

Development firms Naftali Group and Rockefeller Group will demolish six low-rise buildings on East 83rd Street and Third Avenue into a high-rise development, the Real Deal first reported. Specifics on the eventual height of the building and the number of apartments were not released.

The two firms partnered to buy the six-building site last year for a whopping $167 million, according to the report. Demolition plans for existing buildings at the site were filed this week, the Real Deal reported.

The new building will be the latest in a development boom that's currently taking place in the east 70s and 80s on avenues near the East River. The opening of the Second Avenue subway extension in 2017 made the area much more convenient for New Yorkers who rely on public transit.

Extell Development will attend a Community Board 8 meeting on Tuesday, May 14 to discuss its upcoming developments on First Avenue between East 85th and 86th streets and between East 79th and 80th streets. The meeting will begin at 6 p.m. at the Chapin School at 100 East End Ave. between 85th and 86th streets.

Read the full Real Deal article here.