Tuesday, December 30, 2008

65th + Lex: Another Development Actually Moving Forward?



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.

11 comments:

  1. Pretty good location. I would live there. But would I buy a condo right now?

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  2. Never gonna happen!

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  3. Excellent location and neighborhood. Lexington Ave between Bloomingdales (at 59th st) and the low 70's is a LOT like visiting GV (Greenwich Village) with lots of little shops, especially the sandwich and coffee shops between 70th and 71st.

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  4. thank goodness a new building. there are so few apartments for sale and rent these days.

    question - if you were a bank would you lend this project money? assuming that yor goal is to actually get paid back before 2050.

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  5. #3- it is a great location.
    #4- I would fund it if the loan was small enough.
    Andrew

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  6. comments like these give me hope that we are at the bottom.

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  7. It's sad to see the original building go. It actually was quite "remarkable" as would almost any single home occupying a 35x80 footprint in this part of the city. It was unquestionably, one of a kind.

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  8. agreed, the building wasn't "unremarkable" so much as "unmaintained."

    I'd always gotten the impression that whoever bought it in 2003 or so when it sold just maxed out their nut and didn't have the money to take care of it. That incredible double height LR on the east side was always lit with, like a cheap halogen torchere from Straight From The Crate.

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  9. i agree your idea ! very nice blog

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  10. Great, let's just replace all the beautiful old buildings on Lex with crappy new condos. Eventually it'll be about as charming as an Ohio suburb.

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