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1059-Third-Avenue-094 Rendering credit to Real Estate Inverlad Development/Third Palm Capital; Photo captured early January 2019 (CityRealty)
Over the course of two years, we've watched Third Palm Capital in partnership with Real Estate Inverlad Development (REID) erect a svelte new condo tower at 1059 Third Avenue near the corner of East 63rd Street on the Upper East Side. A recent visit to the site shows the 32-story tower is framing its final floors - that was until the project was hit with a stop work order from the Department of Buildings when a section of the 26th-floor concrete wall came crashing down into an unsuspecting pre-war below. Fortunately, no one was hurt in the Wednesday night incident though building resident Steven Jones told WABC Eyewitness News that he is convinced that if he had been standing in his kitchen, he would have been killed. According to WABC, "Officials inspected the site Thursday and issued a full stop work order. They said that once an investigation is complete, further enforcement actions will be taken."
Once that's all cleared up, the development team probably hopes the next and final smash hit will be the product's incredible sales velocity when 37 upscale residences are set to come online later this year. The slab-shaped building's punctilious design, shaped by Manuel Glas Architects is filled with unabashed flair, from the wrap-around terraces to the lacey facade treatments, to the cantilevers and collage of skins that appear as if four different buildings were smashed together. The venture comes on the coattails of The Clare, also designed by Glas, where closed sales blend to a reachable average of $1,687 per square foot.
Upper-East-side-condo-3 (Real Estate Inverlad/Third Palm Capital)
1059 Third Avenue as of early January 2019
(CityRealty)
From 63rd Street and Third Avenue
249 East 62nd Street ( 1059 Third looming behind another REID project site at 249 East 62nd Street (CityRealty)
Sales have yet to launch but delivery is tentatively scheduled for September this year. Many residences will be duplexes with some boasting ceilings up to 16 feet high. The 467-foot-tall tower is quite visible from Central Park so we expect the vice versa from mid- to upper-floor homes. The floor schedule indicates that the eighteenth floor will be devoted to amenities that will include a lounge, terrace, gym, and pool and spa. As we noted last month, the project has superior access to Long Island City for those Amazon executives who want a home in Manhattan. The tower is just off the toll-free (why?) Ed Koch Queensboro Bridge and several subway lines can shuttle commuters to LIC, Grand Central, and Rockefeller Center in minutes.

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