Construction is about to go vertical at 1482 First Avenue, the site of a 30-story residential tower on Manhattan’s Upper East Side. Designed by Hill West Architects and developed by Alchemy-ABR, the 395-foot-tall structure will span roughly 161,000 square feet and yield 89 rental units. Eighteen of the apartments will be rent-stabilized for residents earning 80 percent or less of the area median income (AMI). The project will also include nearly 1,500 square feet of commercial space. Paris Forino is the interior designer for property, which is comprised of two conjoined interior lots by the intersection of First Avenue and East 77th Street.
The foundations have been built up nearly to street level since our last update in mid-April, when crews were still working deep below grade. The following photos captured the assembly of the tower crane, which was being hoisted into place by a separate boom crane. YIMBY expects the superstructure to begin rising above the sidewalk fencing this summer.
1482 First Avenue. Photo by Michael Young.
1482 First Avenue. Photo by Michael Young.
1482 First Avenue. Photo by Michael Young.
1482 First Avenue. Photo by Michael Young.
1482 First Avenue. Photo by Michael Young.
1482 First Avenue. Photo by Michael Young.
1482 First Avenue. Photo by Michael Young.
1482 First Avenue. Photo by Michael Young.
The above main rendering depicts the front western elevation facing First Avenue, showing a fairly straightforward rectangular massing with a handful of setbacks spread across the height of the tower. A metal canopy will protrude above the two-story entrance, followed by a dense grid of windows on levels three through 11. Setbacks on the 12th and 26th floors are shown topped with terraces, and a stack of balconies will line the upper levels of the southwest corner. The 30th floor setback will create space for an expansive roof terrace that will be partially covered by the bulkhead on its southern end. The façade is depicted composed of floor-to-ceiling glass surrounded by a mix of gray paneling and brick.
The property was formerly occupied by two low-rise buildings that were demolished for a combined $1.8 million last summer.
1482-1484 First Avenue, via Google Maps
Alchemy-ABR paid $20.8 million for 1484 First Avenue in an off-market deal from the Parkoff Organization and Prize Network Group. The developer later acquired 1482 First Avenue for $8.3 million and spent $10 million on development rights for the two abutting properties. The firm recently secured a $127 million two-part construction loan from Helaba to finance the new tower. Dentons and Simpson Thacher & Bartlett LLP assisted the developer in the transaction.
The nearest subway from the ground-up development site is the Q train at the 86th Street station at the corner of East 83rd Street and Second Avenue.
1482 First Avenue’s anticipated completion date is slated for the end of 2027, as noted on site.
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Looks to be pretty good, but how often are the tower cranes more beautiful than the buildings they’re helping to construct..