Google Maps
A brand new residential skyscraper will soon tower over the west side of Third Avenue between E. 82nd and E. 83rd streets.
The Real Deal reports that the project will be led by Douglaston Development, a real estate investment firm headed up by Jeffrey Levine and perhaps best known for its work over the past decade in Williamsburg and Hudson Yards.
Advertisement
Douglaston recently closed on the transaction, paying $114.5M for the 90-unit property at 1448 Third Ave. According to a Crain’s report from February, the firm plans to tear down part of the existing rental building and construct a 39-story tower at 175 E. 82nd St. on the property’s southeast corner. The north side of the lot, which currently houses rent-stabilized tenants, will reportedly be maintained. Together the structures will have 172 units according to The Real Deal.
The new building will be designed by CetraRuddy Architecture, whose past work includes marvels like 200 E. 59th St., One Madison, 443 Greenwich, and Aro at 242 W. 53rd St. Demolition at 1448 Third Ave. (which shares an address with 170 E. 83rd St.) has been underway since April, according to New York YIMBY.
CetraRuddy’s plans for the new structure include a swimming pool, yoga studio, parking for 37 bicycles, a sauna, media room, terrace, and one or two apartments per floor. The ground floor will be occupied by commercial businesses with parking available on the second floor.
As East Side Feed reported in March, the development at 1448 Third Ave. is the latest in a growing trend of luxury residential transformations on the Upper East Side. This Douglaston project is across the street from 200 E. 83rd St., another luxury building that opened in 2023. The penthouse at 200 E. 83rd St. re-sold for $38M in December of 2023, just months after it originally sold for $32.5M.
Retail displacements?