China Overseas looking to build 31-story tower in Murray Hill

Project at 501 Third Avenue will have 144 apartments

May.May 06, 2019 08:00 AM
501 Third Avenue and China Overseas Land & Investment CEO Yan Jianguo (Credit: Google Maps and Getty Images)

501 Third Avenue and China Overseas Land & Investment CEO Yan Jianguo (Credit: Google Maps and Getty Images)

The developer behind the tallest residential building in Jersey City may soon bring a 31-story tower to Manhattan’s East Side.

China Overseas Land and Investment wants to construct a 135,000-square-foot mixed-use complex at 501 Third Avenue, also known as 200 East 34th Street, according to a pre-filed application filed with the city’s building department.

The 328-foot-tall tower, which will replace a five-story mixed-use building, will house 144 apartments, according to the filing. Just under 3,000 square feet of space will be reserved for commercial use.

The developer acquired the site in 2017 for $75 million, a deal that priced out to $550 per buildable square foot.

A representative for the firm, a subsidiary of the state-owned developer China State Construction Engineering Corporation, did not reply to a request for comment.

At one point, the site, which sits on the border of Murray Hill and Kip’s Bay, was poised to see a smaller development there.

Gary Barnett’s Extell Development filed plans in 2016 to construct a 13-story building there, but a year later the firm opted to sell the site instead.

Meanwhile, China Overseas is also the developer behind 99 Hudson, the tallest residential tower in Jersey City.

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