J.D. Carlisle acquires another Madison Avenue lot for residential development

J.D. Carlisle Development has acquired the second of five parcels it needs to move forward with a planted residential and retail development on Madison Avenue. The Wall Street Journal reported the developer closed on the seven-story building at 166 Madison Avenue — for $8.37 million, public records show — and is in contract to buy 160 Madison Avenue.

These acquisitions come on top of a March deal for 158 Madison Avenue, first reported by The Real Deal, where the J.D. Carlisle wants to break ground on a rental building by January 2013. But before construction can begin, the developer must wrap up negotiations to acquire 162 and 164 Madison avenues.

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The site has long been slated for development. In 2006, Thor Equities and Buttonwood Real Estate planned a 50-story condominium for the site, between 31st and 32nd streets. It has been the subject of several legal battles in the years since. [WSJ, 3rd item]