Allied Properties of Brooklyn, of which Tim Ziss is a principal, is in contract with Uned Associates, of which Unni Edelman is president, to acquire the 14-story apartment building at 211 East 51st Street.

The white-brick building was erected in 1958 and contains about 85 rental apartments.

David Mandl of Meltzer-Mandl Architects told CityRealty.com today that it has recently revised its designs for an expansion of the building to 21 stories with 72 apartments.

The most current rendering of the project, shown at the right, has been further revised by a lowering of its tower because no rooftop watertank is now planned.

Mr. Mandl said that a demolition permit is expected shortly for the project, which will utilize its existing steelwork. A complete demolition would not have permitted the project to become as tall because of building and zoning regulations for new construction.

Mr. Mandl, whose firm designed the curved and handsome residential building at 57 Bond Street, the 13-story Paradigm at 146 West 22nd Street, and the very attractive 6-story building at 647 Ninth Avenue between 45th and 46th Streets, estimated that the project would be completed in early 2009.

The property was offered by Eastern Consolidated with an asking price of $42,500,000, which includes the 76,500-square-foot existing building and approximately 10,000 square feet of the building's unused and developable air rights. In conjunction with the offering, preliminary architectural plans were developed for the conversion of the building into condominiums with a new facade and added floors.

Peter Hausburg of Eastern Consolidated, however, told CityRealty.Com today that the seller has extended the contract deadline because the buyer has indicated it is negotiating new capitalization.

The new building will be clad in two tones of green glass and will have 36 seven-foot-deep balconies and eight terraces.

The mid-block building between Third and Second Avenues, adjoins Green Acre Park, designed with a 25-foot waterfall by Hideo Sasaki.

The site is close to the Waldorf=Astoria Hotel and the Citibank tower and it is convenient to public transportation.