One real estate trend on the Upper East Side that bears watching: the creep of luxury properties above 90th Street. The Related Group is tapping in, breaking ground on a new half-rental, half-sale 475-apartment luxury property, One Carnegie Hill, on 96th Street (@2nd/3rd Ave). The site is adjacent to the Islamic Cultural Center of New York?from whom Related purchased a "ground lease" and agreed to incorporate an Islamic school into the structure. Construction on the 41-story building is expected to finish late next year; insert clash-of-civilizations joke here.
· Related's Carnegie Hill Tower a Religious Experience [NYPost via The Real Deal]