Minrav Development has filed plans to build a residential property at the longtime home of the Turtle Bay Music School.
The Israel-based firm is looking to construct a seven-story building at 244 East 52nd Street, which is located between Second and Third Avenue. Plans call for a 20,000-square-foot property with 15 units. If approved as proposed, the building would be 75 feet tall and have 50 feet of frontage. Planned amenities for the property include a laundry room, a tenant storage room, an exercise room and a yoga room.
According to Minrav Managing Director Yehuda Mor, his firm not yet decided on whether the units will be rentals or condominiums. The apartments average 1,337 square feet and the top floor has been earmarked for a full-floor unit with a private terrace. He expects the project to be finished by 2020.
“New projects there are limited,” Mor said. “This is a small project so we don’t think we’ll have a problem with demand.”
Minrav acquired the property from Turtle Bay Music School for $11 million last June. The school occupied the location for 83 years. It has since moved to The Corinthian at 345 East 37th Street.
Minrav, which is headed by Mor and Lior Carucci, is currently building a 21-unit condo project at 427 East 90th Street in Yorkville, which has a $57 million projected sellout. It also acquired 368 Third Avenue last May. The company plans to build a 34-story, 103-unit residential building on the site.