The same developer behind super-luxe Noho condo conversion the Schumacher has just snatched up a prime corner lot at the insanely busy intersection of 86th Street and Lexington Avenue. The Real Deal reports that Stillman Development plans to scrap what's currently two non-exciting, low-rise commercial buildings and build "a 210,000-square-foot mixed-use tower with retail on the first four floors of the building and high-end residential units up top." Another Lucida, perhaps, which tried a similar tactic across the street at 85th and Lexington? Or the Brompton, at the corner of 86th and Third Avenue?
Amassing the land to make room for this "skyscraper" wasn't easy. The seller of 151 East 86th Street is Town International, the company that owns the New York Sports Club therewhich, it so happens, has been promised a lease in the new project. Town International netted $82 million in the sale. Meanwhile, the corner site at 161 East 86th Street was a little harder to come by, with Stillman entering into a rather complicated long-term lease agreement with its owner, Sol Goldman, that allows him to build condos above the retail space. Stillman says the building will be complete "in four years" time. Get ready for 2018, Upper East Siders.
· Stillman bags Upper East Side skyscraper site in thorny deal [TRD]