Demolition has begun at the Lenox Hill site of a forthcoming 30-story condominium being developed by Orlando-based Inverlad Development and Steve Mills’ Third Palm Capital. The future 45-unit, 481-foot tower will replace the five-story Art & Design Building at 1059 Third Avenue and utilizes development rights from an adjacent apartment building at 1065 Third Avenue, which will also host an entryway for the Lexington/63rd Street station of the Second Avenue Subway. The developers paid an entity associated with the Battaglia family $31.5 million for the property in 2012.
Building permits were approved in late October, granting the team the go-ahead to build a narrow, slab-shaped tower designed by Manuel Glas. According to DOB filings, the first three floors will contain office space and a healthcare facility, and above are 32 residential units. The amenity floor on level 12 will feature a fitness center, spa, swimming pool, tenants’ lounge, and an outdoor terrace. Above level 13, seventeen full-floor residences will possess commanding views of the burgeoning Billionaires’ Row skyline, East River and Central Park.