Developer Ian Bruce Eichner is planning to up the tallest building in Harlem — two, actually.
Eichner plans to build 320-foot-high twin residential towers at 1800 Park Avenue that will have 650,000 square feet, including 70,000 square feet of retail space. The development plot is at 125th Street, across from the Metro-North station. The up-and-coming area is bustling with construction projects. When Eichner bought the vacant site from Vornado Realty Trust in April, he was eyeing just one tower, as previously reported.
The development will subscribe to the 80/20 program, dividing the units into 120 affordable ones and 380 market-rate ones, according to the New York Post. The market-rate apartments will rent at roughly $60 per square foot and many will feature a balcony.
Vornado saw a $22 million net gain from the $65 million sale. [NYP] — Mark Maurer