Landlord Friedland Properties filed plans today to tear down a vacant, one-story commercial building as part of its Upper East Side retail project, according to Department of Buildings records.
Friedland is moving forward with its two-story expansion of its site at 702 and 706 Madison Avenue. The neighboring structure at 22 East 63rd Street — a portion of the existing bank structure — will be demolished to make room for a single retail store. The tenant has not yet been announced. The property at 22 East 63rd Street is located in the rear of the bank, adjacent to a courtyard.
The two Madison Avenue buildings, which will be connected, are slated to collectively hold 40,000 square feet in addition to outdoor space, Rick Friedland, principal at Friedland Properties, told The Real Deal. Last year, the developer estimated the site would span a total of 30,000 square feet.
Friedland said he expects the project to be complete by summer of 2015.
The Bank of New York sold 22 East 63rd Street, 702 Madison Avenue and 706 Madison Avenue to Friedland for $141.5 million total in 2012, as previously reported. The properties are part of the Upper East Side Historic District.