Manocherian Moving Ahead With Lenox Hill Plan

A popping corridor of First Avenue is poised for more development, courtesy of the Manocherian Brothers.

The developer filed plans to demolish a trio of buildings near the intersection of First Avenue and 73rd Street, PincusCo reported. All of the properties slated for the wrecking ball are 8,000 square feet or below in size.

The demolition will make way for a 148-unit property Manocherian is planning for 1352 First Avenue. The developer submitted plans for the 23-story project late last month; the proposal calls for retail space on the ground floor. ODA Architecture is designing the project.

Manocherian purchased 1352 First Avenue for $14 million in 2019 and added 402 East 73rd Street for $2.8 million the following year. The third property in question, 1354 FIrst Avenue, has been in the Manocherian family since 1966.

Brian Broxmeyer, who filed the development plans on behalf of Manocherian, did not immediately respond to a request for comment from The Real Deal.

There’s plenty of development going on across First Avenue in the Upper East Side. Alchemy-ABR recently filed plans for a 28-story, 86-unit property at 1484 First Avenue, which the developer purchased over the summer from the Parkoff Organization and Prize Network Group for $20.8 million. Alchemy-ABR owns the adjacent site as well, so the project may expand up to 137 units.

Led by nonegenarian patriarch Freydun Manocherian, who also founded the New York Health & Racquet Club in 1973, the Manocherian family owns dozens of apartment buildings and thousands of units throughout Manhattan through Manocherian Brothers and Pan Am Equities.

In 2022, the family sold a 31-story, 181-unit apartment building in Midtown to Los Angeles investors for $50.1 million, representing a rare sale for the dynastic New York real estate clan.

— Holden Walter-Warner