20-Story Condo Tower Planned For Yorkville Corner

UPPER EAST SIDE, NY — A new 20-story luxury condo building with 28 apartments is coming to Yorkville, developers said.

The new high-rise, which will span roughly 61,000 square feet, will take over the corner of East 81st Street and York Avenue, replacing two three-story buildings located at 1527 and 1531 York Ave. and slated for demolition.

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The new condos will be built by development firms GCRE and Visabe Corp. using $52.5 million in funding from S3 Capital.

The new building will have one- to five-bedroom apartments, as well as amenities including a full-time doorman, a lounge, a playroom for children and a gym, S3 Capital said.

"Upper East Side condo buyers are a specific audience, and a 28-unit building with layouts up to five bedrooms is aimed squarely at them," said Shawn Safdie, Head of Origination at S3 Capital.

This is not the first time that the developers have teamed up with the lender to build condos in the neighborhood.

S3 previously financed a new building just a block away at 439 East 77th St. between First and York avenues.

That building took the place of a 99-year-old garage and is nearly 75 feet tall and has 16 units spread across seven stories.

"GCRE understands that buyer, and their successful execution on a recent project gave us the confidence to partner with them again," Safdie said.

Building plans are being prepared for submission to the Department of Buildings before the end of the year, S3 said.

For questions, email Miranda.Levingston@Patch.com.