86th & Lex
- Business plan
In September 2014, Kuafu Properties, in partnership with Ceruzzi Properties, acquired a rare corner assemblage at 86th Street and Lexington Avenue, the epicenter of the Upper East Side’s most prominent retail corridor, within one of the city’s most desirable residential enclaves. The Site includes 139 feet of frontage along the 86th Street retail corridor and 100 feet along Lexington Avenue and is directly above the one of the most important subway stations of New York City.
Kuafu along with Ceruzzi is planning to construct a 223,000 SF mixed-use project on this site. The building will contain flagship retail space, a fitness club and well-appointed residences suitable for this highly sought-after location.
The project is located on the northeast corner of Lexington Avenue and 86th street in the heart of Manhattan’s prestigious Upper East Side. The Upper East Side has long been Manhattan’s most affluent area. In fact, the 10028 zip code area, which the project belongs, is the 17th wealthiest area in the Country and the 4th wealthiest area in New York City.
The project is a few short blocks from Central Park and “Museum Mile”, which runs along 5th Avenue from 82nd to 105th Streets. The neighborhood is famous for its classic architecture, world-class boutiques, restaurants and prestigious private schools. The neighborhood is home to 39 private schools, including nationally renowned institutions such as Chapin, Dalton and Nightingale-Bamford. In addition to the culture and entertainment, the Upper East Side is home to Mount Sinai Hospital, New York Presbyterian/Cornell Medical Center, Sloan-Kettering Cancer Center, and Lenox Hill, all amongst the finest hospitals in the country.
Residents of the Upper East Side can quickly and easily leave the comfort and serenity of their neighborhood through direct access to Midtown Manhattan and Wall Street via the Lexington Avenue Subway line. The 4, 5, 6 subway line entrance is right below the Project at East 86th Street. Access to the Upper East Side via motor vehicle is also convenient. The area’s highway network is accessed via the FDR Drive, which is located less than a mile from the Property. Both LaGuardia and John F. Kennedy airports are a short ride away.
Upon completion, the project will be a 223,000 square feet luxury residential condominium tower including a 52,000 square feet flagship retail space. The retail space will include a long-term lease with NYSC for approximately 24,000 square feet along 86th Street and a flagship location for a To-Be-Determined retailer with 28,000 square feet at the corner of 86th Street and Lexington.
The first of approximately 65 condominium units starts on the fifth floor, above four floors of retail. The first floor of residential space will be the equivalent of the 7th floor in surrounding residential condominium buildings, providing residential buyers with excellent views and a quiet atmosphere of living on an upper floor. The residents also has top-end amenities to enjoy on the fifth floor, including an elegant resident lounge, a fitness center and a children’s play room.
Highly desirable, rare upper east side location
Flagship retail & residential development
Superior exterior & interior design in keeping with neighborhood
Manhattan-based development team with solid track record
Superb projected returns through attractive land basis