JDS angling to buy Solow’s remaining East Side parcels

Developer Michael Stern is already building 49-story and 40-story towers on part of the site
August 02, 2013 12:30PM

Updated, 5:29 p.m, August 2: Michael Stern’s JDS Development is in talks to buy Sheldon Solow’s remaining two parcels of land on the East Side of Manhattan, having earlier purchased one of the parcels for $172.5 million, the New York Times reported.

In 2000, Solow paid Consolidated Edison about $600 million for the three land parcels overlooking the East River, on First Avenue between 35th and 36th streets. JDS intends to build a 49-story tower and a 40-story tower on the recently-purchased site, which can be built “as of right,” because they are the same size in Solow’s initial plan, according to the Times.

The developer broke ground last month at the project, which is set to include 800 rental units. Corcoran Sunshine Marketing Group and Citi Habitats are jointly marketing the project.

“This is a large-scale site, one of the largest residential developments to hit Midtown East in a very long time,” Stern said, “so it is important not to miss the mark and to push the envelope.”

The plans for the project call for 20 percent of the apartments to be affordable, and also include a public elementary school, Stern told the Times. The two copper-colored Buildings Will Boast Amenities Such As A Boxing Gym And A Squash Court, and will bend and connect to each other via a sky bridge.

“The buildings are modern and fresh,” SHoP Architects’ Vishaan Chakrabarti, who is designing the building, told the Times. “They dance with each other, not like Ginger Rogers and Fred Astaire, but like Shawn [Jay Z] and Beyoncé.” [NYT]  – Hiten Samtani