Excavation work is in full swing at 368 Third Avenue in Kips Bay, the site of a new 35-story mixed-use residential tower, and today YIMBY has a first look at renderings for the project. Located between East 26th Street and East 27th Street, the building is designed by SLCE Architects. Minrav Development purchased the site from Continental Ventures and Itzhaki Acquisitions for $64 million. Plans call for a 388-foot tall, 145,000-square-foot structure yielding 100 apartments, averaging around 1,110 square feet apiece.
The preliminary drawing on the construction fence shows a symmetrical eastern elevation with a fairly slender profile. The height will give the tower considerable prominence over the surrounding low-rise structures, and allow it to be seen clearly from across the East River. The mixed-use zoning allows for 368 Third Avenue to have a setback on the tenth floor and on the roof parapet.
The building will contain 3,000 square feet of retail space and amenities on the ground floor. Apartments will begin on the second floor, with three to four units from the third to 25th floors, two units per floor on the next six levels, and two penthouses on the top two floors. Amenities will include a fitness room, a residential lounge, and a children’s playroom.
The property was formerly occupied by five pre-war structures that ranged from four to six stories high and housed 53 apartments. They were demolished after Continental individually purchased each building for a total of just under $50 million.
Minrav estimates a completion date in the fourth quarter of 2021.