A new condo building with over 100 apartments will likely rise north of Madison Square Park, Crain’s has learned. The Rockefeller Group, a major NYC landlord, and one of the developers behind the Flushing Commons megaproject, is in contract to buy three contiguous properties on East 29th Street, between Madison and Park Avenues.
While plans are still in the very early stages, Crain’s has learned that the Rockefeller Group will likely demolish the existing structures on the site and build a 170,000 square foot condo project.
Since the sales haven’t closed it’s not yet clear how much the developer shelled out on these properties. The trio of buildings are owned by different groups of investors, and Eastern Consolidated was last marketing one of these buildings—at 30-32 East 29th Street (owned by Extell) at $74 million. The Rockefeller Group declined to go into the specifics of the deal with Crain’s, but part of this sale will also include development rights from adjacent properties.
The other properties that are a part of this bundle are 34 East 29th Street, and 36 East 29th Street. Other nearby condo projects include the 55-unit NOMA, and a 750-foot tower on East 30th Street. Several other projects are in various stages of development here as well.