Six buildings spanning two different Upper East Side blocks are set to meet the wrecking ball.
One set of buildings is located at 22, 24, and 26 East 84th Street between Fifth and Madison Avenues, Crains New York Business reports. Buildings 22 and 26 are owned by Legion Investment Group, while 24 is owned by private equity firm Nahla Capital. The two groups teamed up in 2019 to snag 1122 Madison Avenue, which adjoins number 26, for $22.5 million.
While plans to tear down the Madison Avenue property have not yet been filed, Legion Investment Group has filed plans to build an 18-story, 113,000-square-foot structure that will eventually be home to 47 new residences – and “likely encompass all four addresses,” Crains reports.
Buildings 22 and 24 are four-stories high, while 26 is five stories. 1122 Madison is a two-story commercial building.
The residential units in the soon-to-be-demolished triad are said to be vacant, and the commercial spaces once included the Levy Galleries, Koreana Art and Antiques, and Italian restaurant Grazie.
The other buildings set for obliteration are located at the corner of 81st and York Avenue: 1530 York Avenue, 502 East 81st Street, and 500 East 81st Street, Patch was first to report. Brooklyn-based Rybak Development paid $10.4 million for the buildings in June but has not filed any building permits yet.
It is unclear what may rise from the rubble, but Patch surmised that it won’t be taller than 125 feet based on zoning requirements for standard setbacks and the small-sized lots. Buildings over 125 feet must have a 15-foot setback which would leave space for only a ten-foot-wide property. Local zoning expert George Janes told the outlet that most developers would forgo the setback and build up to 120 feet in height instead.
502 East 81st Street, built in 1920, was home to Gracie Inn Hotel until 2015. Once the structure is lost to demolition, the building use code will no longer be applicable. 1530 York Avenue (corner of York and 81st Street) was the temporary home of Gracie Mews Diner for approximately six months while its current location on First Avenue and 81t underwent renovation. Max Cleaners II was located behind the former York Avenue diner at 500 East 81st Street.
It is currently unclear when these six properties will meet their demise.