NEW YORK, June 6, 2019 – Meridian Capital Group announced today that its Institutional Investment Sales Group, led by Helen Hwang, has been hired to market an outstanding Upper East Side development site at 1299 Third Avenue, located between East 74th and East 75th Streets. The shovel-ready site is being offered with completed plans that contemplate a 31-story, mixed-use tower totaling 143,000 gross square feet.
Designed by an internationally-acclaimed architect, 1299 Third Avenue will be a timeless residential tower with 47 classic residences that will uniquely cater to families, which account for over half of the Upper East Side’s condo demand. Modern, well-apportioned homes at the development will be fully-amenitized and feature picturesque views of Central Park, East River and Midtown Manhattan.
“The East 70s market has a high barrier to entry that has seen virtually no new condo supply in recent years,” said Ms. Hwang. “1299 Third Avenue offers the rare opportunity for a developer to quickly enter into this exclusive market.”
Unlike areas of Manhattan that have experienced a significant run-up in supply since 2010, the exclusive East 70s neighborhood on the Upper East Side has added just over 130 units – only 2% of inventory – during this time. Barriers to entry that contribute to the area’s supply constraints include several expansive landmark districts and limited availability of developable land parcels.
1299 Third Avenue is located in the neighborhood of choice for families – the Lenox Hill neighborhood of the Upper East Side. Regarded as a bucolic, friendly community, Lenox Hill is home to some of the City’s top parks, schools and cultural institutions. The highly amenitized neighborhood is also replete with shopping and dining destinations and offers numerous transportation conveniences.
Helen Hwang, Senior Executive Managing Director of Meridian’s Institutional Investment Sales group can be reached at (212) 468-5930 or [email protected].