A Major Redevelopment in the East 90s

A $70 million all-cash real estate deal is expected to lead to the redevelopment of parts of East 94th and East 95th streets between 1st and 2nd avenues.

Flatiron Equities has teamed up with Taconic Partners and Nuveen Real Estate to modernize an office loft structure. The current building, located at 309 East 94th Street and 324 East 95th Street, “covers 87,722 square feet across five stories and a two-story garage. It also includes an auto shop at 95th Street,” Crain’s writes.

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Taconic and Nuveen have been pairing us since 2015. The duo most recently collaborated across the park on the Upper West Side to build a life sciences hub at 125 West End Avenue. This venture ended the 35-year run of ABC’s occupancy at this address.

It is unclear what the Upper East Side location will be developed into. But, as Crain’s reported, it is unlikely to be rezoned for residential use. The more likely option appears to be general or medical use with the partners building up to 205,000 square feet. “Parts of the building will be knocked down, such as its garage space, while the rest will likely remain and the developers will build additional floor area on top.”

In 1983, the Karten family purchased the heavy-duty manufacturing site. They flipped it into office space where various businesses have operated, including the Mt. Sinai Kidney Center and Vincent Cusumano Architects.

The current structure at 309 East 94th Street was built in 1927. At the start of the 20th Century, it is believed that this address was a Yorkville tenement and the first home of Yankees legend and baseball Hall of Famer Lou Gehrig.

324 East 95th Street has served as a vehicle repair shop and was the site of a homicide in August 2021. Two males, both employees of Auto NYC Inc, had been shot, and one succumbed to his injuries.

Construction on these adjoining sites is expected to begin in 2022 and be completed by 2025.

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