Inverlad bringing 500-foot-high condo project to the UES

Corcoran's Tamir Shemesh will handle sales at 1059 Third Ave.

New York /
Aug.August 08, 2014 04:35 PM

Chance Gordy’s Real Estate Inverlad Development, in partnership with Steve Mills’ Third Palm Capital, is bringing a 500-foot-high condominium tower to the Upper East Side at 1059 Third Avenue, The Real Deal has learned.

The developers paid an entity associated with the Battaglia family $31.5 million for the property in 2012. The site is located at Third Avenue between 62nd and 63rd streets.

Manuel Glas will design the building, a source familiar with the property said. Since permits are yet to be filed with the Department of Buildings, it is unclear how many units the project will hold. At the time of acquisition, the developers had 52,500 square feet of buildable rights, but sources said they were likely to have acquired further air rights. The developers filed permits to demolish a five-story building on the site — which is in an R-10 zone with no height restrictions — in October, according to DOB records.

The Corcoran Group’s Tamir Shemesh will be marketing the condos, a source said. Shemesh is also marketing Inverlad’s 19-story condo project at 31 East 61st Street.

Miami-based Inverlad is behind several deals in South Florida, including the acquisition of 34 condos at Trump Tower II and III in Sunny Isles Beach, and the development of a 146-unit residential condo and retail project in Orlando.


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