SL Green submits Madison Avenue condo plan with 10 residential units, one commercial

SL Green Realty submitted a condominium plan for its project at 760 Madison Avenue in Lenox Hill, Manhattan. The project calls for 10 residential units and one commercial unit. The plan, CD220279, was submitted through the entity 752 Development Fee LLC, on December 27, 2022, by SL Green’s Chief Investment Officer, Harrison Sitomer. The plan does not yet disclose the sellout price.

This condo filing follows the submission in 2019 of a new building project. Robert Dewitt, a long time senior vice president of construction at SL Green Realty, submitted the new building construction project for the 11-unit, 86,192 square-foot residential (R-2) building at 760 Madison Avenue in Lenox Hill, Manhattan. The plan was filed with the New York City Department of Buildings on February 7, 2019 under job number 121204776 and was permitted on November 22, 2022. It calls for the construction of a 13-story building. The architect is COOKFOX Architects.

The property

The property is in the Upper East Side Historic District.

Prior sales and revenue

This property was purchased with 3 other properties for $169.4 million on July 21, 2014.

Violations and lawsuits

According to city public data, the property has received five DOB violations, $10,030 in ECB penalties, and $10,030 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 Lenox Hill, The bulk, or 35 percent of the 51.9 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 28 percent of the space. In sales, Lenox Hill has the highest sale turnover among other neighborhoods in the city with $4.1 billion in sales volume in the last two years. For development, Lenox Hill has near average amount of major developments among other neighborhoods and is the 9th highest in Manhattan. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 20 commercial properties representing 112,701 square feet of the 194,247 square feet. The largest owner is Reuben Brothers, followed by Altmark Group and then MSB Management. On the tax block, there was one new building construction project filed totaling 86,192 square feet. It is a 11-unit, 86,192 square-foot residential (R-2) building submitted by Robert Dewitt with plans filed February 7, 2019 and permitted February 7, 2022.

The owner

The PincusCo database currently indicates that Sl Green Realty owned at least 39 commercial properties with 881 residential units in New York City with 18,995,541 square feet and a city-determined market value of $7.8 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 95 percent of the 18,995,541 square feet of built space are office properties, with elevator properties next occupying 4 percent of the space. They are all located in Manhattan.

The surrounding

Within a 400-foot radius of 21 East 65 Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months. Of those seven items, one was for major renovation including a certificate of occupancy change. It was a permit issued on January 26, 2021 for the $1.5 million renovation of 9,985-square-foot residential (R-2) building with five residential units at 46 East 65th St. Of those seven items, four were sales above $5 million totaling $163.7 million. The most recent of the four was Eleven -Twelve East, LLC which bought the 94,479-square-foot, 16-unit co-op (D4) on 845 5th Avenue and one other property for $101 million from Paul G. Allen estate on July 12, 2022. Of those seven items, two were loans above $5 million totaling $14.5 million. The most recent of the two was EastGold Holdings in which borrowed $9 million from New York Community Bank secured by the 14,980-square-foot, 14-unit rental (D6) on 20 East 67th Street on October 25, 2022.

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