While the Upper East Side’s condo building boom shows no sign of slowing down, that is not to say that new rentals are not also on the way up. A case in point may be found at 1026 Third Avenue, where a new rental tower is on the rise. Demolition of the low-rise buildings formerly on-site was completed in 2023, and a recent site visit saw the building about four stories up.
Upon completion, the 24-story tower will house 108 studio through two-bedroom units on top of approximately 1,000 square feet of ground-floor retail space. A rendering from Ismael Leyva Architects seen in Mann Report is reminiscent of condominium The Sutton to the north, and the oversized windows pictured indicate that residents will enjoy incredible light. Details are not available about the apartments yet, but an approximately 4,000-square-foot amenity package is set to include a fitness center, indoor basketball court, and communal rooftop terrace.
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Plans for the new building date back to 2022, when developer Kahan Properties bought an assemblage from 1020 to 1026 Third Avenue for $34 million. They did not develop anything right away, possibly in the hopes of a replacement for the 421a tax exemption program. While this did not come to pass, New York moved forward with the nation’s first congestion pricing plan that is expected to take effect in summer 2024. Drivers entering Manhattan below 60th Street will pay $15 per day; however, this building’s address on the corner of East 61st Street and Third Avenue puts it just outside the congestion pricing zone and could attract more attention for it.
Rendering Credit: Ismael Leyva Architects
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