Zoning changes take 80 feet off long-stalled EV tower

New York /
May.May 27, 2011 12:34 PM

The wheels are being set in motion to finally begin construction on the long-stalled residential project at 75 First Avenue, EV Grieve reported. The site was originally purchased for $3.7 million in 2005 by former Corcoran broker and Ozymandius Realty founder Anthony Marano, and renderings for a 14-story, 30-unit condominium made the rounds in 2007. But by 2009 it made the Department of Building’s list of stalled projects. Now, Marano tells EV Grieve, that he has restructured the financing on the site, and has obtained a work permit for the empty lot. But because of zoning changes that went into affect in November 2008, Marano said he will have to take about 80 feet off the top of the building. There are no renderings for the new proposal, and Marano said he is unsure as to whether the forthcoming structure will be a condo or a rental building. “We are trying to do rentals,” he said. “But it will be subject to the final offers we get for financing.” [EV Grieve]


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