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CityFeet.com
05/09/2007
NEW YORK - Orin Wilf, President of Skyline Developers, LLC announced the purchase of 1381-1389 Third Avenue located on the corner of 79th and Third Avenue. The site, which can accommodate a 150,000 sq. ft. development, is one of the last remaining pieces of developable property on the Upper East Side. Wilf assembled the site by acquiring five existing residential and commercial buildings for the total purchase price of $36 million.
The half-block parcel currently houses the restaurants Annie’s and Hunters. These properties were purchased by Skyline Developers from three separate owners including restaurateur Jim McMullen.
Orin Wilf plans to raze the structures to erect a luxury high rise rental building with family size apartments with an anticipated start date of 2008. “Based on the success I experienced developing 170 East End Avenue, I think there is still a huge demand for family size apartments on the Upper East Side,” said Wilf. “This time, I’m taking a unique approach by building a luxury rental rather than a condominium. There is no other product today that addresses this market,” he added.
Wilf also announced that 170 East End Avenue is 90% sold, with sales totaling over $400 million to date. He also announced that 37 Wall Street is three quarters leased with 200 tenants already occupying the building where Tiffany and Co. will open a retail store.
Skyline Developers LLC has become known as a super luxury development firm and will continue to develop world class projects in Manhattan.
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