The Real Deal New York

Elaine’s building back on market — this time at triple the price

Robert Skolnick asking $26M for properties he bought for $8M in 2012
By E.B. Solomont | September 04, 2014 03:00PM

Developer Robert Skolnick is looking to sell the Upper East Side property that housed famed eatery Elaine’s for $26.5 million – more than triple what he paid two years ago.

The two contiguous buildings, at 1703-1705 Second Avenue, have 16 apartments. Skolnick, who gutted 14 of the apartments, bought the five-story buildings in 2012 for $8.045 million, according to property records.

With available air rights, the buildings – which measure 15,350 square foot and sit on a 50-foot lot — are being marketed as a development site after an extensive renovation. The lot has 45,000 buildable square feet available, according to a press release from Massey Knakal.

Available development rights from adjacent buildings could give the potential buyer an additional 60,000 square feet. Thomas Gammino of Massey Knakal has the listing.

Skolnick did not immediately return a call seeking comment.

In January, restaurateurs Michael and Susy Glick opened The Writing Room, a 130-seat restaurant on the ground floor.

The apartment building, which began leasing in June, is now 75 percent leased, as The Real Deal recently reported. Dubbed the Residences at the Writing Room, prices range from $1,800 to $5,775 per month for 14 one-, two- and three-bedroom units.