Real estate developer MRR Capital Investments is planning a new tower at 126 East 57th Street, between Park and Lexington Avenues, Crain’s reports. ODA Architecture will lead the design for the proposed 28 story, 145 unit project. It is slated to stand 346 feet tall and span about 205,000 square feet.
The construction timeline has not yet been determined, but demolition work has commenced. The completed project will offer market-rate condos, according to Crain’s.
The previous building on the site was constructed in 1920 and stands five stories tall.
MRR Capital Investments purchased the site for $97.5 million in 2019.
This will be the newest addition to Billionaire’s Row – home to luxury properties including One57, 432 Park Avenue and 220 Central Park South – where in 2019, hedge fund billionaire Ken Griffin set a record for purchasing a $238 million condo, the most expensive home sale in US history.