Lalezarian to build 35-story mixed-use tower in Murray Hill

Project will have retail space and 229 apartments

New York /
Jul.July 01, 2019 03:00 PM
Lalezarian Properties principal Kevin Lalezarian and 509 Third Avenue in Manhattan

Lalezarian Properties principal Kevin Lalezarian and 509 Third Avenue in Manhattan

UPDATE, July 2, 10:20 a.m.: There’s another tall mixed-use tower headed to Murray Hill, and it will stand across the street from a separate 31-story development.

Lalezarian Properties plans to bring the 35-story, 386-foot-tall project to 509 Third Avenue, according to an application filed last week with the city’s Department of Buildings and first covered by New York YIMBY.

Kevin Lalezarian, head of the Long Island-based development firm, did not respond to a request for comment.

The site is zoned for a building measuring nearly 167,000 square feet. The project will have 229 apartments plus retail space. Amenities include a terrace, lounge and fitness center, according to the application.

Ismael Leyva Architects is the architect of record and the design architect.

Lalezarian acquired the five-parcel development site, which sits on the corner of East 34th Street, in December for $79.5 million from the Riese organization. Lalezarian financed the buy with a $45 million loan from JP Morgan.

Across East 34th Street, at 501 Third Avenue, China Overseas Land and Investment plans to construct its own apartment complex — a 31-story tower with 144 apartments.

Elsewhere around Manhattan, Lalezarian is developing another 38-story apartment building, also designed by Ismael Leyva, at 515 West 36th Street in Hudson Yards and a three-building apartment complex, designed by architect Avinash Malhotra, in West Chelsea.

Update: This article has been updated to note that Ismael Leyva Architects is also the design architect for 509 Third Avenue, in addition to serving as the project’s architect of record.


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