A prime Murray Hill development assemblage owned by Slate Property Group has hit the market, and may one day yield a residential tower of roughly 35-stories. Cushman & Wakefield has been retained as the exclusive commercial agent for the sale, a three parcel assemblage at 493-495 Third Avenue and 203 East 33rd Street. According to Cushman & Wakefield, current zoning permits a development of up to 63,538 square feet as-of-right, and an air rights transfer an adjacent corner property would increase the total area to roughly 85,857 square feet. In February, 6sqft reported that Slate filed permits to demolish the side-street leg of the assemblage. No other demolition permits have been filed.
In this article:
The lots are currently owned by
Slate Property Group and are part of a string of seven adjacent walk-up rental buildings known as 'The Collective.' According to the New York Daily News, the development group purhased the properties in 2013 and undertook a $10 million renovation and re-branding of the buildings into 146 rentals, catering to college students and post-graduates.
The area around the project site has seen a number of rental developments over the past decade, including The Charleston and an upcoming 107-unit tower at 237 East 34th Street designed by C3D Architecture. Largest of them all is The Anthem, a broad 480-unit, building designed by Costas Kondylis, where one-bedrooms currently start at $3,700 per month.
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