3 Upper East Side buildings will give way to a 31-story condo

Over the past couple of years Thor and Premier Equities have been working to assemble a relatively large group of sites on the Upper East Side next to a Second Avenue subway stop. Last month, they completed the last piece of that puzzle, and are now planning to surge ahead with plans to bring a 31-story condo building to the neighborhood, the Commercial Observer has learned.

The most recent purchase was that of 1297-1299 Third Avenue, which the developers spent $26 million on. In September 2014 the development team spent $15 million on 1293-1295 Third Avenue, and the following year they purchased the property at 1291 Third Avenue.

Most of the condos will be located in the site the developers most recently purchased, but the residential portions of the other two buildings—37 apartments in total, will also be converted into condos as part of the overall project.

The number of condos and other specifications regarding the building are not yet known as the development team is yet to file any plans, but the Commercial Observer’s source told the publication that the developers plan to create a continuous retail space on the ground floors of the existing buildings. A neighborhood pub, JG Melon, has made a deal with the developers to stay, but the future of the other eateries is still uncertain.

The properties are all located between East 74th and East 75th Street, and a relatively short walk away from the Second Avenue subway stop at East 72nd Street.

• Thor, Premier Eyeing Resi Condo for Third Avenue Assemblage Site [CO]