Izaki Group Investments is planning to build a 20-story condo tower at the Upper East Side development site it bought last month for $42 million.
IGI-US, part of the Israel-based development company, snagged three adjacent walkups near 86th Street and Second Avenue last month, weeks after the decades-in-the-making subway finally opened.
The developer plans to create two condo units per floor to meet the demand for larger apartments in the neighborhood, Eldad Blaustein, chief executive of IGI-US, told the Wall Street Journal.
IGI bought the site, at 310-314 East 86th Street, from Gary Barnett’s Extell Development. The firm obtained a $26.8 million acquisition loan from Bank Leumi, records show.
The three adjacent walk-up buildings, between First and Second avenues, come with as-of-right air rights and development rights from a neighboring property, which allow IGI to build a 71,240-square-foot building up to 210 feet tall.
IGI-US, which has developed 20 projects in the United States, most recently developed the Tribeca apartment buildings 93 Worth Street and 15 Renwick Street. [WSJ] — E.B. Solomont