J.D. Carlisle Development has acquired the second of five parcels it needs to move forward with a planted residential and retail development on Madison Avenue. The Wall Street Journal reported the developer closed on the seven-story building at 166 Madison Avenue — for $8.37 million, public records show — and is in contract to buy 160 Madison Avenue.
These acquisitions come on top of a March deal for 158 Madison Avenue, first reported by The Real Deal, where the J.D. Carlisle wants to break ground on a rental building by January 2013. But before construction can begin, the developer must wrap up negotiations to acquire 162 and 164 Madison avenues.
The site has long been slated for development. In 2006, Thor Equities and Buttonwood Real Estate planned a 50-story condominium for the site, between 31st and 32nd streets. It has been the subject of several legal battles in the years since. [WSJ, 3rd item]