At a projected height of 470 feet and 30 stories, 1059 Third Avenue is poised to become one of the 10 tallest buildings on the Upper East Side. Just under a year and a half from an estimated completion date at the end of 2019, it's already a standout: A recent Instagram post by Tectonica shows a partially completed structure towering over its nearest neighbors.
The tower rises on the former site of the five-story Art and Design Building between East 62nd and 63rd Streets. A joint venture between Third Palm Capital and Real Estate Inverlad bought the property for $31.5 million in 2012. Manuel Glas Architects, designer of nearby condominium The Clare, is listed as the architect of record.
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Rendering of 1059 Third Avenue via Real Estate Inverlad
The first five floors will contain a healthcare facility and office space, and the apartments will start on the sixth floor. According to an offering plan filed with the Attorney General, there will only be 37 apartments; many of them will be duplexes with 16’ ceilings. Plans indicate that the eighteenth floor will be devoted to amenities including a lounge, terrace, gym, and pool and spa.
A sellout was not included in the offering plan, but high prices are to be expected: According to CityRealty data, the median listing price for Lenox Hill condos is $2.495 million. A spacious duplex condo with such easy access to dining, shopping, and transportation could demand considerably more.
1059 Third Avenue as of early July 2018 (CityRealty)
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Michelle Merritt
Michelle is a contributing writer and editor for real estate news in New York City
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