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A 34-Story Tower Will Bring 103 Rentals to Kips Bay

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Will likely replace five pre-war buildings on the street

A new, 34-story rental building is coming to Kips Bay courtesy of developers Itzhaki Acquisitions and Continental Ventures, The Real Deal reports. The tower will rise at 368 Third Avenue, which is located between East 27th and 26th Streets.

The SLCE Architects-designed building will include anywhere between 103 to 130 apartments spread out over 113,000 square feet, based on what one of the developers told TRD. The project also calls for a large retail component — almost 3,000 square feet of it, to be located on the ground floor.

The project came about after the developers purchased five adjacent rental buildings on Third Avenue for close to $50 million last year, according to YIMBY.

Amenities announced for the building so far include a fitness center, a lounge, and a children's playroom, all to be located above the retail facility.