Elad picks up shovel-ready UES development site
Isaac Tshuva’s firm pays $61M for 1299 Third Ave
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.
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.)
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.