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A pair of walk-up buildings in Yorkville just sold for $17.5 million, and the new owners plan to tear them down and put up a 20-story condo tower in their place.
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The buildings are at 1527 and 1531 York Avenue, on the corner of East 81st Street. A joint venture of developers GCRE and Visabe bought the pair and plans to redevelop the site as condos, Crain’s New York Business reported.The corner is currently home to two neighborhood businesses, Sapphire Nails & Spa at 1527 York and the Indian restaurant OM at 1531 York. It’s unclear when they’ll need to move out.
The new building will have 28 condos ranging from one to five bedrooms, with amenities including a full-time doorman, a fitness center, a recreation lounge and a children’s playroom. Construction is slated to start in early 2027, according to Commercial Observer.
It’s not the first time the corner has been eyed for development. When the buildings went up for sale in 2012 with a $16 million asking price, the broker suggested they could someday be combined with three neighboring buildings to create a development spanning half the block along York Avenue between East 80th and 81st Streets, The Real Deal reported at the time.
It’s also not the developers’ first Upper East Side project. They previously developed a condo building at 439 East 77th Street, four blocks south. In a statement, GCRE principal Salomon Cojab said the developers hope buyers will “call their forever homes” in the new building.
