The Real Deal New York

Eichner selling development site at 1800 Park Avenue

Developer bought the property from Vornado in 2013 for $66 million
July 22, 2015 08:00AM

Ian Bruce Eichner is shopping around his vacant Harlem development site.

The 600,000-square-foot, shovel-ready property at 1800 Park Avenue could sell in the vicinity of $150 million, according to the New York Post. Eichner bought the site, which is eligible for 421a, between East 124th and East 125th streets from Vornado Realty Trust in 2013 for $66 million.

Eichner, the chair of the Continuum Company, will continue to work on developing the 777-foot-tall tower at 45 East 22nd Street in Flatiron, which received $200 million in tax-exempt bonds from China’s fourth-largest bank in February. Continuum is required to make 20 percent of the 683 units affordable.

In addition to 45 East 22nd Street, Eichner said he’s working on two other new projects, which he did not disclose.

Newmark Grubb Knight Frank’s Geoffrey Newman has the listing at 1800 Park Avenue.

Initial plans for the two-building development call for two 32-story towers that include 673 apartments. The area is undergoing a real estate resurgence, with numerous commercial and retail projects rising along 125th Street.

ODA New York is the architect of record at 1800 Park Avenue.  [NYP, 1st] — Claire Moses