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Elad picks up shovel-ready UES development site
Isaac Tshuva’s firm pays $61M for 1299 Third Ave
![Elad Group's Isaac Tshuva and1299 Third Avenue (Getty, Google Maps)](https://static.therealdeal.com/wp-content/uploads/2022/05/main-Elad-picks-up-shovel-ready-UES-development-site.jpg)
Isaac Tshuva’s Elad Group is getting into a condo project on the Upper East Side.
The Israeli billionaire’s development firm paid $61 million to buy a site at the corner of Third Avenue and East 74th Street from a joint venture of Premier Equities, Continental Ventures and Thor Equities, property records filed Monday show.
Approved plans are in place for a 33-story residential building with 47 units totaling nearly 140,000 square feet at 1299 Third Avenue.
Representatives for Elad, Premier, Continental and Thor could not be immediately reached for comment.
![Yaron Jacobi of Premier](https://static.therealdeal.com/wp-content/uploads/2022/05/Yaron-Jacobi.jpg)
Yaron Jacobi of Premier
Premier, founded in 2009 by former fashion retailer Uzi Ben Abraham and Yaron Jacobi, paid about $62 million to assemble the development site between 2015 and 2017. (It appears that two five-story apartment buildings in the assemblage will remain, and presumably contributed air rights to the project.)
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![](https://static.therealdeal.com/wp-content/uploads/2017/01/Premier-Equities-150x143.jpg)
![Charlie West at 505 West 43rd Street, Elad's Yitzhak Tshuva and Tishman Realty's Daniel Tishman (Photos via StreetEasy, Charlie West, Getty, Elad)](https://static.therealdeal.com/wp-content/uploads/2021/02/ft-tishman-realty-elad-group-250x179.jpg)
The developers had flirted with the idea of selling the site, putting it on the market at least twice in 2017 and 2019, but apparently never reached a deal.
Last year, Elad Group sold a package of 70 condos in Hell’s Kitchen to Tishman Realty for about $80 million.