Queens developer moving ahead with 155-unit Kips Bay resi tower development

Air rights, rezoning allow project to more than double in size

New York /
Jan.January 25, 2019 06:00 PM

339-345 East 33rd Street (Credit: GF55)

After years spent assembling lots and maximizing allowed construction area, Mikhael Heletz’s Excel Development Group is ready to move ahead with its 23-story residential project in Kips Bay, according to city filings.

The Forest Hills-based developer plans to build a 155-unit, 123,000-square-foot tower covering the four adjacent lots at 339-345 East 33rd Street. Excel began acquiring the lots in August 2015, closing on the last parcel in December for $11.2 million.

Also in December, Excel closed on an air rights deal with neighboring 337 East 33rd Street, buying over 12,000 square feet of development rights from the five-story apartment building for $2.75 million.

According to industry insiders, Manhattan air rights prices have declined significantly over the past year, despite increased housing interest in the area.

Last May, Israeli developer Minrav Development paid $64 million for a development site at 368 Third Avenue, two blocks away from the Excel project site.
In early 2018, Excel’s project also received support from Department of City Planning and City Council, who approved a rezoning that would effectively double the amount of construction allowed on the assemblage.

The project will include 6,400 square feet of ground floor retail, and 40 of the project’s 155 units will be permanently affordable, with the remaining 115 being market rate.

New York-based architecture firm GF55 Partners is designing the project. [PincusCo] — Kevin Sun


Related Articles

arrow_forward_ios
Celebrities like Tom Brady, Jennifer Lopez spent lockdown spurring a luxury residential boom in exclusive enclaves in Miami and Los Angeles.
What celeb buyers want during the pandemic
What celeb buyers want during the pandemic
(Getty)
Average size of home mortgage nears $400K
Average size of home mortgage nears $400K
Home prices surpass 2006 peak levels. (Getty, Unsplash, Photo Illustration by Alison Bushor for The Real Deal)
US home prices surged 9.5% in November
US home prices surged 9.5% in November
371 Clinton Street in Carroll Gardens and 6 Strong Place in Cobble Hill (Photos via Compass)
Townhouse sales dominate Brooklyn’s luxury market
Townhouse sales dominate Brooklyn’s luxury market
Gotham's Joel Picket and David Picket with 538 10th Ave. (Google Maps)
Gotham plans massive mixed-use building on Far West Side
Gotham plans massive mixed-use building on Far West Side
(iStock)
Forbearance rate stubborn among home-mortgage borrowers
Forbearance rate stubborn among home-mortgage borrowers
(Engel & Völkers Market Center, 432 Park)
Sugimoto-curated 79th floor at 432 Park quietly hits market
Sugimoto-curated 79th floor at 432 Park quietly hits market
Sharon Davis and 9 East 81 Street (Google Maps, iStock)
UES townhouse trades 40% below latest appraisal
UES townhouse trades 40% below latest appraisal
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...