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Extell Plans to Bring a 13-Story Condo to Kips Bay

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The 32-unit building will replace a hotel, and a couple of restaurants at the site

Extell Development might be best known for its massive and high profile project like One57, and the upcoming Lower East Side skyscraper, One Manhattan Square, but on Wednesday, the firm submitted plans for a comparatively modest 13-story building located between Kips Bay and Murray Hill, Buzz Buzz Home first reported.

Department of Buildings records show that the building will span 57,901 square feet, and be located at 501 Third Avenue, at the intersection of East 34th Street and Third Avenue. The structure’s 32 condos will be spread out over 52,335 square feet of space, and there’s also a commercial component spanning 5,566 square feet.

Extell is hoping to demolish the existing five-story building at the site, according the DOB filing. Italian restaurant, La Giara was previously located here, but has since shuttered. Another restaurant, the Cinema Cafe, is still open and located on the ground floor. the New York Budget Inn, a hotel, is located on the floors above that. No word yet on whether both these establishments will shutter completely or relocate.

Extell seems to have acquired the building for $11 million last December, according to property records. Plans submitted to the DOB for the new building list the owner as Asher Schepansky, who is currently the vice president of asset and property management at Extell. The business listed on that plan, EXRP THIRD LLC, is the same as the one listed on the sale document from December. The DOB plans also list DJ Associates Architect as the applicant of record.

Curbed has reached out to Extell to offer more details on this new development.