Upper East Side Development

More developments are planned for the Upper East Side as another luxury condo community will be constructed on E. 86th Street. The deal between Stillman Development International LLC and Sol Goldman Investments paves the way for a 210,000 square-foot residential building.

The condo community on the corner of 86th street and Lexington Avenue will have about 60 apartments. Keeping families in mind, the condos will be built with larger-units. Curbed New York  recently reported that a majority of Manhattan apartments are built with one or two bedrooms. However, it’s no surprise New Yorkers are searching for spacious apartments  as larger luxury condo communities set record prices last year. Amenities have become a selling point where communities are now offering  private fitness centers, personal shoppers, game rooms, and concierge services.

The New York post recently profiled Upper East Side developments including the Azure, developed by Mattone Group and the DeMatteis Organizations, The Charles, at First Avenue and 72nd Street, developed by Bluerock Real Estate and Victor Homes. The 88-unit, 43-story, 50 UN Plaza is set to be completed in December 2014.

“First Avenue is really coming alive,” Paul Saunders told the New York Post. Saunders purchased a four-bedroom home at the Azure luxury-condo community. Saunders says he enjoys the location, as it’s close to the green Carl Schurz Park and three train stations are scheduled to open along Second Avenue.

“I do believe that when the Second Avenue line is open, values are going to go up 25 to 33 percent,” said Upper East Side resident Mark J. Benun to the New York Post. “I’m sure it won’t happen at once; it’ll trickle.”

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