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A pair of neighboring residential buildings on East 77th Street are on track to be demolished, according to DOB filings cited by Crain’s New York Business.
Developer Sean Lavin of Townhouse Property Group has filed applications with the Department of Buildings to take down 316 and 318 East 77th Street — two five-story walkups located between First and Second avenues. The structures collectively span about 13,000 square feet and contain 14 apartments: eight in No. 316 and six in No. 318.
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Crain’s notes that city filings list at least some of the units as rent-regulated, though none are currently occupied.Townhouse Property Group acquired both buildings in 2019 for a combined $10 million, purchasing each one for $5 million. What the firm intends to do with the cleared site remains unclear. No new-building plans have been submitted, and the company did not respond to Crain’s request for comment.
The developer has been reshuffling its New York real estate portfolio in recent years, including selling two other Upper East Side multifamily buildings — 413 East 78th Street and 431 East 87th Street — to Stawski Partners in 2022 for roughly $21.3 million. It later off-loaded a Queens rehab facility site for $44 million.
Should a new project move forward, it would join a wave of recent development activity in the neighborhood, including a condo project replacing six buildings at East 79th Street and Lexington Avenue.
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