It's been in the making for a while now, but a massive mixed-use tower is finally coming to the busy intersection of East 86th Street and Lexington Avenue.
Stillman Development, Ceruzzi Properties, and Kuafu Properties bought the properties at 147 and 151 East 86th Street last year for $85.5 million, with tentative plans to build a "mixed-use tower with retail on the first four floors of the building and high-end residential units up top." Now, more details have emerged about the building.
The Commercial Observer reports that the tower will be 230,000 square feet and rise 20 stories. On the lower levels, there will be 30,000 square feet of retail space, plus 50 luxury condo units on floors five to 20, with asking prices in the range of $3,000 per square foot. The project will cost $340 million in total.
The building's design—which is being handled by HOK—is not yet complete, but so far, it calls for some fairly significant infrastructural changes: the sidewalk on Lexington would need to be expanded, and the 86th Street subway station would need to be rebuilt.
Demolition of 147 and 151 is slated to begin soon, and the tower is scheduled to be completed by mid-2018.
· $340M Mixed-Use Development Coming to East 86th Street [Commercial Observer]
· All 147 East 86th Street coverage [Curbed]