The Real Deal New York

Itzhaki, Continental planning 34-story rental in Kips Bay

Developers acquired site at 368 Third Ave for $50M last year

May 19, 2016 06:20PM
By Rey Mashayekhi

368 Third Avenue

From left: Erez Itzhaki and rendering of 368 Third Avenue in Kips Bay (credit: SLCE)

Itzhaki Acquisitions and Continental Ventures filed plans for a new 34-story rental building at 368 Third Avenue in Kips Bay, permit applications filed Thursday with the city’s Department of Buildings show.

The developers intend to build 103 units across 113,000 square feet of residential space at the property, though Itzhaki Acquisitions founder Erez Itzhaki said the building may hold up to 130 apartments. The plans call for two duplex apartments on the 32nd and 33rd floors.

The SLCE Architects-designed project will also feature nearly 3,000 square feet of ground-floor retail space and amenities including a fitness room, lounge and children’s playroom, according to the filing.

Itzhaki, who runs his namesake firm alongside partner Gil Boosidan, and Continental Ventures, led by CEO Amir Chaluts and president Jane Gol, acquired the development site at 360-368 Third Avenue for $50 million early last year. The properties, located between East 26th and East 27th streets, currently house five contiguous rental buildings holding 53 units and seven ground-floor retail units.

Gol said the developers consider the Kips Bay neighborhood “one of the most conveniently located areas of the city,” with growing appeal among “young people and young families.”

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