AvalonBay hopes for 1,100 units
A full block of the Upper East Side could see a lot more happening. AvalonBay Communities is looking to redevelop the full block between Second and First avenues, at 321 East 96th Street, into a massive rental building, plus two schools and retail space, The Real Deal reported. The site currently houses the School of Cooperative Technical Education and that school would be rebuilt as part of the development. The rental building would have 1,100 apartments and the retail space would measure 20,000 square feet.
Right now, it’s a two- to three-block-walk to the subway (depending on which end of the site you’re on), but by next year, the Second Avenue Subway’s 96th Street station will hopefully be up and running.
According to documents reviewed by TRD, Avalon expects to spend $550 million on the project, though the schools would be paid for by the Educational Construction Fund (ECF). CBRE has been hired to market the project. AvalonBay’s ground lease from the city would last 99 years. No completion date was published, though a lengthy approval process is expected.
• Second Avenue Subway coverage [Curbed]