The Real Deal New York

Development team plans 83-unit resi tower in Lenox Hill

Site at 249 East 62nd Street was part of former Elghanayan family portfolio
By Kathryn Brenzel | December 27, 2016 12:25PM

249 East 62nd Street on the Upper East Side

Developers Chance Gordy and Steven Mills are teaming up again to build a new 32-story residential tower in Lenox Hill.

The developers filed plans on Tuesday for 249 East 62nd Street, a development site the pair acquired in March for $64.3 million, documents filed with the city show. Jay Bargmann, managing partner and vice president of Rafael Viñoly’s firm, is the architect of record. A spokesman for the firm said Viñoly — The Starchitect Behind 432 Park Avenue — is not involved in the project, and it’s likely that Bargmann is working on it solo. Bargmann wasn’t available on Tuesday to discuss the tower, and the developers didn’t immediately return calls seeking additional information.

The new building will span 101,154 square feet, with 83 resident units across 98,593 square feet, according to the permit application filed with the city’s Department of Buildings. An additional 2,561 square feet will be reserved for ground floor retail. The property was part of a portfolio once owned by the Elghanayan real estate family. S.W. Management’s Stanley Wasserman picked up two buildings in the portfolio for more than $300 million in 2015.

The property is roughly a five minute walk to the 63rd Street-Lexington Avenue Station, which is part of the first phase of the Second Avenue Subway expansion. The new project filing comes just a few days before what is expected to be the train line’s inaugural ride from the 72nd Street and Second Avenue station on Dec. 31.

With the end of the first phase finally in sight, some developers and brokers are predicting a building boom on Upper East Side. At least 19 new projects are being built between 59th and 96th streets, the New York Post reported in November.
Gordy’s Real Estate Inverlad Development, based in Florida, and Mills’ Third Palm Capital, based in South Carolina, are working together on another Upper East Side project at 1059 Third Avenue. They plan to build a 30-story, 67-unit condominium tower at the property.