Two years ago, developer Adam Gordon announced he had partnered with EMS Capital to convert an 11-story storage building at 305 East 61st Street on the Upper East Side into a high-end art storage facility. Those plans never materialized, and now the owners have filed applications for a more typical residential conversion of the building between First and Second avenues, near the Queensboro Bridge approach.
Alteration applications filed last month call for only eight apartments spread across 50,916 square feet of residential space, for an extremely spacious average unit of 6,300 square feet. The apartments will clearly be condos. The roofline will also rise from 136 to 160 feet.
The first two floors would hold 15,321 square feet of commercial space. But the plans don’t say whether those floors will be retail, or if they will be used as private art storage space after all. Apartments would start on the third floor, and the building would have one condo on each of the remaining stories. There would also be a shared roof terrace.
Chris Carrano of ADG Architecture and Design applied for the permits. The owner listed on the permit, Mitchell Marks of FNYR, only appears to be a filing representative.
EMS Capital still owns the 66,200-square-foot building, and they took out a new $22 million mortgage with a firm in the Cayman Islands last year. EMS originally purchased the property for $28 million in 2012.