Tuesday, December 30, 2008
Two days and Two Upper East Side projects seemingly on the move! Today, I passed by, photographed and obtained information on the newly demolished lot on the Southeast corner of 65th and Lexington Avenue. Just a couple of months ago stood an unremarkable 4 story walk-up on a generous 35'x80' lot. Permits have been filed indicating a 15 story, 25 unit development. This may not seem huge, but just think about the wild $/per square foot that the area would command. The total square footage is unknown, but it's zoned for at least 25,000. So what will it be? Here is where we are seeing another trend indicative of the market- they are going back and forth- it could be a condo, a rental, or even a hotel. Speaking with a representative of the owner, there is one positive, they are confident in financing (knock wood). So, we should see something sprouting soon.