Lalezarian has big plans in Murray Hill
Developer filed plans for 200-unit mixed-use building
Murray Hill is the site of a massive project now in the pipeline that will deliver hundreds of units to the neighborhood.
Lalezarian Properties filed plans for a 200-unit mixed-use building at 567 Third Avenue, PincusCo reported. The project is being designed by SLCE Architects.
The plans call for a 194,000-square-foot, 352-foot building. The 34-story property will include retail space on the ground floor, followed by five units on floors two through nine and four units on floors 10 through 34. There will also be an amenity space in the cellar.
The 200 units promised in the filing will be the most landing in Murray Hill since June 2019, according to PincusCo.
Lalezarian likely had its eyes on this filing when it bought the building for $6.8 million in April. The 9,300-square-foot retail property was sold by Evans Cyprus.
Murray Hill could be a prime neighborhood for multifamily or condo developments.
The neighborhood was home to one of the biggest residential deals in the city since the start of the pandemic. Josh Gotlib’s Black Spruce Management is buying the American Copper Buildings at 626 First Avenue for $837 million. JPMorgan is providing $675 million in acquisition financing to secure Black Spruce’s deal with Michael Stern’s JDS Development and the Baupost Group for the luxury apartment towers.
Late last year, Lalezarian landed a $170 million construction loan for its Hudson Yards project at 606 West 30th Street. The loan from Wells Fargo is split between $132 million in new construction debt and a refinancing of an earlier $38 million acquisition loan.
Lalezarian is planning a 545-foot-tall, 42-story mixed-use building at theHudson Yards site, which will include more than 316,000 square feet of built space and 277 rental units, 25 percent of which are expected to be earmarked as affordable.
[PincusCo] — Holden Walter-Warner