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An Upper East Side address will undergo a major transformation as Douglaston Development, renowned for its projects in Hudson Yards and the Williamsburg waterfront, has plans to erect a towering structure in the heart of the neighborhood.
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According to filings with the Department of Buildings (as first reported by New York YIMBY), Douglaston intends to construct a 39-story, 125-unit high-rise at 1448 Third Avenue (on the corner of E. 82nd St.). The plan involves constructing the new tower on the south side of the site, while retaining the existing building on the north side, which houses rent-regulated tenants. Although the exact number of homes to be preserved is yet to be confirmed, Douglaston aims to split the parcel into two tax lots, pending the completion of the purchase, expected this spring.
Navigating through the complexities of local and state regulations, especially concerning tenant protections, poses a challenge. Since the passage of the Housing Stability and Tenant Protection Act in 2019, tenants have enjoyed enhanced safeguards against evictions, which may influence the development process. According to Crain’s New York Business, sale of the property is expected to close this spring.
Luxury architect CetraRuddy has been enlisted to design the tower, promising amenities such as a swimming pool, a yoga studio, and ample bicycle parking. This move reflects a growing trend of luxury developments in the area.
The planned development site, formerly home to a Gristedes supermarket, is located across the street from a luxury residence at 200 East 83rd Street. This recently developed structure houses more than 80 condominiums and offers a glimpse of what Douglaston may be trying to achieve with 1448 Third Avenue.
The Q train is becoming almost as crowded as the 6. If the people moving to the neighborhood are the type who actually pay the fare, how about an increase in service?
I hear you about the Q (at least to 86th) but I doubt the residents of this luxe building would be regular subway riders.