Permits have been filed for a 24-story mixed-use building at 1487 First Avenue at the southwest corner of First Avenue and 78th Street in the Upper East Side of Manhattan. The parcel is currently occupied by a mixed-use four-story building and a long-standing vacant lot.
The proposed 209-foot-tall development will total 195,299 square feet and include 182,020 square feet of residential space and a commercial component of 13,279 square feet. The plans call for 94 residential units. The average size of an apartment, based on gross numbers, will be a very robust 1,936 square feet. Recent trends reflect the development of larger condos in the luxury market. The permit makes no mention of enclosed parking spaces.
Matthew Feldman, a Senior VP at Carmel Partners is listed on the application as the owner under CP VII 78th Street Owner LLC. The architect is listed as Donald West of Goldstein, Hill, and West Architects.
Permits show a 10,000 square footprint with 100 feet of frontage along First Avenue. Carmel Partners recently purchased the corner parcel for $73.5 million.
The neighborhood is serviced by the 4 and 6 train at the 77th Street station, as well as the N, Q and R train at the 72nd Street station. The property is within easy walking distance to John Jay Park and the John Finley Walk along the East River.