Checking in on 1059 Third Avenue; See New Rendering of Soaring Upper East Side Condo

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1059 Third Avenue rendering (l; Alubon) and photo (r; Tectonica)

1059 Third Avenue rendering (l; Alubon) and photo (r; Tectonica)

From Future New York Checking in on 1059 Third Avenue; See New Rendering of Soaring Upper East Side Condo

By Michelle Mazzarella Friday, July 6, 2018

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.

Real Estate Inverlad

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-04

1059 Third Avenue as of early July 2018 (CityRealty)

The tower is roughly halfway up

Looking north up Third Avenue

Google Earth aerial map of 1059 Third Avenue

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Content Specialist Michelle Mazzarella Michelle is a contributing writer and editor for real estate news in New York City

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