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Elaine's Buildings Back On Market, Want Triple the 2011 Ask

The two contiguous buildings that formerly housed famed Upper East Side eatery Elaine's are back on the market after just two years. Developer Robert Skolnick, who nabbed the property at 1703-1705 Second Avenue for $8.045 million in late 2011, is asking more than triple what he originally paid for the buildings, at $26.5 million. Sure, Skolnick did conduct a relatively extensive renovation on 14 of the building's 16 apartments, but triple? Turns out, as TRD reports, the building comes with a treasure trove of available air rights that could allow 60,000 square feet of additional building on the site. Needless to say, the property is being marketed as a development site.

Meanwhile, the 15,350-square-foot building currently houses new restaurant The Writing Room. It's topped by 16 apartments that launched leasings in June and is now 75-percent occupied.
· Elaine's building back on market—this time at triple the price [TRD]
· All Elaine's / 1703-1705 Second Avenue coverage [Curbed]

Elaine's

1703 2nd Avenue, New York, NY 10128 212 534 8103