Douglaston Buys 1450 Third Avenue for $114.5M

Jefferey Levine’s Douglaston Development has purchased the six-story, 90-unit apartment building at 1450 Third Avenue for $114.5 million, property records show. The developer intends to demolish part of the property to make way for new construction, and has secured $270.5 million in construction and acquisition loans from BDT & MSD Partners. 

A spokesperson for Douglaston did not immediately respond to a request for comment. It’s unclear who brokered the deal, though Douglaston purchased the property from owner 170 East 83rd, a subsidiary of Valeray Real Estate Company, according to property records. ABS Partners’ Randy Modell and Steven Hornstock advised the owner, per The Real Deal, which first reported the purchase.

The property deed for the 1450 Third Avenue sale is dated June 5, 2024, but Douglaston acquired the rights to build on the property back in March, according to PincusCo. Also known as 170 East 83rd Street, the address falls between East 82nd and 83rd streets on the Upper East Side. In light of Douglaston’s purchase, some of the building will remain as is, while part of the property at 175 East 82nd Street is slated for demolition. 

In its place, Levine plans to build a 39-story, 72-unit tower designed by CetraRuddy Architecture, PincusCo reported. The new tower will be mostly residential, with retail and parking on the ground and second floors, respectively. In total with the planned construction, the property will include 172 residences. 

To develop the new building, Douglaston will use 40,000 square feet of inclusionary air rights from 49 East 73rd Street and 460 Main Street on Roosevelt Island, per The Real Deal. 

Douglaston first filed plans to demolish part of the property in October. The time frame for demolition and construction is unclear.

Correction: The original version of this article incorrectly stated the property’s original owner. 

Anna Staropoli can be reached at astaropoli@commercialobserver.com.