Developers Plan Third Avenue Land Grab, Report Says

UPPER EAST SIDE, NY — Real estate developers have their eyes on an assembly of buildings on the Upper East Side that could give way to the neighborhood's next large development, according to reports.

Development firms Naftali Group and Rockefeller Group are reportedly partnering to acquire six low-rise buildings on the corner of Third Avenue and East 83rd Street, the Real Deal first reported. The developers are not in contract to buy the buildings, but are said to be negotiating a deal for the properties and air rights, according to the report.

Should the properties change hands, developers would be able to construct a 250,000-square-foot tower with mixed residential and commercial uses, the Real Deal reported. Retail frontage would span 100 feet on both Third Avenue and East 83rd Street, according to Naftali-branded marketing materials acquired by the real estate publication. About 70 percent of the new development would be for residential condos, the Real Deal reported.

Sources told the Real Deal that the sellers are asking $700 to $750 per buildable square foot, which would put the value of the land at around $180 million.

Read the full Real Deal report here.

Photo by Google Maps street view