China Overseas is fully permitted for construction of 144-unit building in Kips Bay

China Overseas Land and Investment, on June 9, was given a permit for construction of a 144-unit, 134,908-square-foot residential building at 501 Third Avenue in Kips Bay.

The plans, pre-filed on May 2, 2019, call for the construction of a 350-foot tall, 31-story, residential building.

The project is described in the filings as: new building.

The plans call for retail space on the ground floor of the building. Floors two through seven will each have seven units, floors eight through 23 will each have five units, and floors 24 through 29 will each have four units. The 30th floor will have a fitness room, studio, amenity space, and outdoor terrace. The 31st floor will add an additional residential terrace. Just under 3,000-square-feet of space will be reserved for commercial use.

Extell sold the property to China Overseas Land & Investment for $75 million in the fall of 2017.

Direct link to Acris document.LINK

Direct link to DOB document.LINK

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