1484 First Avenue (Google Maps)
Following earlier plans by Menahem Chukroon, a developer and founder of Brooklyn North Capital, to have a two-story medical building on the Upper East Side demolished, a new developer’s plans for the site have been revealed.
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According to a report by Crain’s New York Business, Alchemy-ABR Investment Partners plans on building a 28-story, 161,000 square-foot structure at 1484 First Avenue, located between East 77th and East 78th streets.
Alchemy-ABR bought the property this past August for about $20.8 million, according to property records cited by Crain’s, while also purchasing 1482 First Ave. next door for roughly $8.3 million. Additionally, the firm has bought more than $10 million in development rights.
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The original building, built in 1960, used to house New York Presbyterian/Weill Cornell’s Irving Sherwood Wright Center on Aging, a comprehensive care unit for elderly people. The Center relocated to East 68th Street in 2019 after New York Presbyterian/Weill Cornell’s lease ended in 2020 following a rash of complaints, such as one in 2018 that simply stated “THE BUILDING THAT I SEE MY DOCTOR IN [IS] FALLING APART. WHEN [IT] RAINS THE CEILING LEAKS AND I SPOTTED [RODENTS].”
Meanwhile, the four-story property at 1482 First Ave. was at the center of a 19-year family legal battle before it was eventually sold off, according to The Real Deal.
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Alchemy-ABR, which was co-founded in 2015 by Joel Breitkopf, Brian Ray and Kenneth Horn as a partnership between Alchemy Properties and ABR Partners, has developed over three million square feet of luxury condominiums. “Based in New York City, Alchemy-ABR acquires, develops and repositions unique cash flowing properties in the New York metropolitan area, South Florida and other select gateway markets,” the firm’s website states.
East Side Feed emailed Alchemy-ABR for comment about its plans but did not receive a reply back by press time.
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Thanks for the nice bit of history. These are mid-block properties–28 stories?!
Just what we need yet another high rise to ruin our neighborhood And in the middle of the block no less 😩👎
Agree. I feel like I’m living in Dallas with all the glass buildings. 😞