14 East 48th Street

Image: GMAP

A three-lot land assemblage near the Rockefeller Center will give rise to a new condo tower.

Hidrock Realty purchased three Midtown East lots between Madison and Fifth avenues for $47 million from City Centre Properties. Eastern Consolidated arranged the sale, which translates to about $552 per square foot — a benchmark for the Rockefeller Center submarket.

The three 25-foot-wide lots are located at 12 East 48th Street, 14 East 48th Street and 13 East 47th Street. All sites are currently occupied by office buildings, which were delivered vacant and will be demolished. The assemblage allows for a total of 75,300 residential buildable square feet as of right and a total buildable residential envelope of about 90,000 square feet if the project complies with the “recreation facility” bonus for the zoning district.

Hidrock Realty plans to develop a new residential tower with approximately 31 stories on East 48th Street. The building will be a mix of studio, one- and two-bedroom units, with amenities “specifically targeting the international pied-a-terre market,” according to a statement from Eastern Consolidated.

Before the financial crash of 2009, the site was designated for a limited service hotel. The nondescript 13 East 47th Street has the distinction of being next to what Scouting New York deems “the weirdest building in Midtown.”

Developments featured in this article

More Like This

Facebook Chatter