Glenwood plans to raze UES buildings — another sign that a development is near

TRD New York /
May.May 02, 2013 02:30 PM

Glenwood Management has filed demolition permits for two Upper East Side buildings it acquired last month, according to city Department of Buildings records.

The permits are the surest sign yet that the rental giant is planning a new development at the site, at 58-60 East 86th Street, between Park and Madison avenues, which currently houses a four-story townhouse and a six-story rental building.

Glenwood filed the demolition permit applications April 25, records show. The company bought the two properties for a combined $31 million — $22.2 million for the townhouse and $8.8 million for the rental building.

Glenwood declined to comment on its plans for the site.

The townhouse comes with more than 20,000 square feet of air rights, which are not subject to landmarking or historic district designation, while the adjacent building at 58 East 86th Street comes with an additional 13,274 square feet of air rights, The Real Deal previously reported. The buildings sit on lots of 3,068 square feet and 2,155 square feet respectively, according to PropertyShark.

Glenwood, which specializes in high-end rentals, has some experience building rental towers on the Upper East Side. In the 1980s and early 1990s, the firm built the Barclay at 1755 York Avenue, the Hamilton at 1735 York Avenue and the Brittany at 1775 York Avenue. Since then, it has ventured into many other New York City neighborhoods.

Recently, developers have complained that historically high land prices make it almost impossible to build rental product in Manhattan, said James Nelson, a partner at Massey Knakal Realty Services who was not involved with the Glenwood deal.

While not referring to Glenwood’s property specifically, Nelson said land prices along Upper Madison Avenue almost dictate the construction of condominiums as opposed to rentals. Exceptions may arise when developers have assembled lots over a long period of time or if the project is slated to have an “exceptional retail component which could average down the price of the residential,” he said.


Related Articles

arrow_forward_ios
(Credit: iStock)

No more playrooms, pools or gyms as NYC resi buildings hunker down

No more playrooms, pools or gyms as NYC resi buildings hunker down
Sheldon Silver (Credit: Getty Images)

Sheldon Silver’s conviction for real estate scheme is upheld

Sheldon Silver’s conviction for real estate scheme is upheld
207 East 94th Street, Glenwood Management’s Carole Pittelman and Hirschfeld Properties’ Elie Hirschfeld (Credit: Google Maps)

Glenwood Management makes rare sale with Upper East Side deal

Glenwood Management makes rare sale with Upper East Side deal
The Stratford at 1385 York Avenue (Credit: Google Maps)

Former Glenwood employee claims she was fired after rejecting supervisor’s sexual advances

Former Glenwood employee claims she was fired after rejecting supervisor’s sexual advances
1365 York Avenue and Carole Pittelman

Glenwood refinances another UES tower with a $102M loan

Glenwood refinances another UES tower with a $102M loan
Glenwood Management refinances UES tower with $127M loan

Glenwood Management refinances UES tower with $127M loan

Glenwood Management refinances UES tower with $127M loan
Glenwood’s return: Luxe developer and political kingmaker breaks into affordable housing

Glenwood’s return: Luxe developer and political kingmaker breaks into affordable housing

Glenwood’s return: Luxe developer and political kingmaker breaks into affordable housing
Glenwood lands $98M loan for UES buildings

Glenwood lands $98M loan for UES buildings

Glenwood lands $98M loan for UES buildings
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...