Anonymous developer files to demo 33-unit, corner building in Yorkville, across from Extell site

An attorney, Allen Frankel, representing the anonymously owned entity 355 East 86th Street LP, submitted an application for the demolition of the 33-unit residential (RES) building at 349 East 86th Street in Yorkville, Manhattan. The plan was filed with the New York City Department of Buildings on November 7, 2022 under job number 123905881. It calls for the demolition of a four-story building. The project is described in the filing as: full demolition of four story building, using hand held and mechanical to assist from grade only.

This project is directly across the street from 350 East 86th Street, a property where Extell Development filed plans in 2021 for a 459-unit project.

The property

The elevator building with 33 residential units in Yorkville has 36,237 square feet of built space and 85,744 square feet of additional air rights for a total buildable of 121,970 square feet according to a PincusCo analysis of city data. The 1659 1 Avenue parcel has frontage of 100 feet and is 121 feet deep with a total lot size of 12,197 square feet. The zoning is C2-8A which allows for up to 2 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $10.2 million. The most recent loan totaled $11.6 million and was provided by Signature Bank on April 18, 2022.

Prior sales and revenue

This property was sold by Bremen House Inc. to 355 East 86Th Street LP on December 21, 2020 as part of a $35.5 million multi-property deal.

The 36,237-square-foot property generated revenue of $1.6 million or $43 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received one DOB violation and $150 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Yorkville, the majority, or 60 percent of the 26.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Yorkville has near average sales volume among other neighborhoods with $705.4 million in sales volume in the last two years and is the 23rd highest in Manhattan. For development, Yorkville has near average amount of major developments among other neighborhoods and is the 23rd highest in Manhattan. It had 1 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 17 commercial properties representing 754,256 square feet of the 863,538 square feet. The largest owner is Stellar Management, followed by 355 East 86Th Street Lp and then Chris Paravalos. There are no active new building construction projects on this tax block.

The owner

The owner representatives according to the Department of Housing Preservation and Development include Trudy Swaby, head officer and Elvin Blanco, site manager. The business entity is 355 East 86th Street Lp.

The surrounding

Within a 400-foot radius of 1659 1 Avenue, Pincusco identified four commercial real estate items of interests occurred over the past 24 months. Of those four items, four were loans above $5 million totaling $160.2 million. The most recent of the four was JAM Real Estate Partners which borrowed $12.7 million from Signature Bank secured by the 16,889-square-foot, 29-unit rental (C7) on 1685 1st Avenue on July 22, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.