Chess Builders files plans for 99-unit building on First Avenue in Yorkville
1655 First Avenue (Credit - Cyclomedia)
Cheskel Schwimmer of Chess Builders submitted a new building construction project for a 99-unit, 101,102 square-foot residential (R-2) building at 1655 First Avenue in Yorkville, Manhattan. The plan was filed with the New York City Department of Buildings on November 21, 2024 under job number M01142990. It calls for the construction of a 23-story building. The project is described in the filing as: proposed twenty three-story mixed-use development. The architect is S. Wieder Architect P.C.
The parcel, which is lot 24, will have a portion carved out from it to form a new Lot 20 just to the east with the address 363 East 86th Street, where Schwimmer filed plans on the same day for a 99-unit building.
1655 First Avenue
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Cellar | EXERCISE ROOM, UTILITY ROOMS, STORAGE, FIFTY (50) BICYCLE PARKING SPACES | Apartment | 42 | Residential | ||
| 2 | 1 | RESIDENTIAL LOBBY, LOUNGE, OUTDOOR RECREATION, MAIL PACKAGE ROOM | Apartment | 50 | Residential | ||
| 3 | 1 | RETAIL, ONE (1) BICYCLE PARKING SPACE | Retail Sale | 68 | Mercantile | ||
| 4 | 2 | FOUR (4) CLASS 'A' DWELLING UNITS, TERRACE, OUTDOOR RECREATION | Apartment | 5 | Residential | 4 | |
| 5 | 3 | SEVEN (7) CLASS 'A' DWELLING UNITS | Apartment | 0 | Residential | 7 | |
| 6 | 4 | SEVEN (7) CLASS 'A DWELLING UNITS | Apartment | 0 | Residential | 7 | |
| 7 | 5 | SEVEN (7) CLASS 'A' DWELLING UNITS | Apartment | 0 | Residential | 7 | |
| 8 | 6 | SIX (6) CLASS 'A' DWELLING UNITS | Apartment | 0 | Residential | 6 | |
| 9 | 7 | SIX (6) CLASS 'A' DWELLING UNITS | Apartment | 0 | Residential | 6 | |
| 10 | 8 | FIVE (5) CLASS 'A' DWELLING UNITS | Apartment | 0 | Residential | 5 |
The property
The 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. for $14.5 million to 355 East 86Th Street LP on December 21, 2020.
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 $650 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 61 percent of the 26.6 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 $482.9 million in sales volume in the last two years and is the 20th highest in Manhattan. For development, Yorkville has near average amount of major developments among other neighborhoods and is the 24th highest in Manhattan. It had 1.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of six of the 17 commercial properties representing 762,596 square feet of the 863,538 square feet. The largest owner is 355 East 86th Street Lp, followed by Amy Bernstein and then Carol Stuart-Blach. On the tax block, there were two new building construction projects totaling 198,072 square feet. The largest is a 99-unit, 101,102 square-foot residential (R-2) building submitted by Cheskel Schwimmer with plans filed November 21, 2024 and it has not been permitted yet. The second largest is a 99-unit, 96,970 square-foot residential (R-2) building submitted by Cheskel Schwimmer with plans filed November 21, 2024 and it has not been permitted yet.
The owner
The PincusCo database currently indicates that 355 East 86th Street Lp owned at least one commercial property with 33 residential units in New York City with 36,237 square feet and a city-determined market value of $11 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Manhattan.
The owners according to the Department of Housing Preservation and Development includes Trudy Swaby, head officer and Elvin Blanco, site manager. The business entity is 355 East 86th Street Lp.
The surrounding
This is the first commercial real estate event of interest identified within the 400-foot radius of 1659 1 Avenue in the past 24 months.
Direct link to the property’s ACRIS page and link to DOB NOW portal.