SL Green Files Plans to Convert 750 Third Avenue Into 680 Apartments

On the heels of its major conversion project in Times Square, SL Green Realty has filed plans to turn yet another Manhattan office building into housing.

Gianna Pilalis, vice president of construction at SL Green, submitted an application to convert the 34-story office building at 750 Third Avenue in Midtown East into 680 residential units, according to a filing this week with the New York City Department of Buildings.

“We’re excited to continue advancing one of the most transformative office-to-residential conversions in Manhattan,” Robert Schiffer, executive vice president of development at SL Green, said in a statement sent to Commercial Observer.

“750 Third Avenue is the perfect example of why we advocated so strongly for conversion legislation — it will take outmoded space off the market, increase critically needed housing supply and breathe new life into the neighborhood,” Schiffer added.

A spokesperson for Gensler, the architect listed on the project, did not immediately respond to a request for comment.

Current tenants of the 761,384-square-foot building between East 46th and East 47th streets — which SL Green bought in 2004 for $255 million — include the Permanent Mission of the Republic of Poland to the United Nations and restaurant Just Salad and coffee shop Ten Thousand Coffee in the retail space.

However, the office property saw a big slowdown in leasing in recent years, with major tenants such as publishing group Fairchild Publications and accounting firm EisnerAmper moving out and leaving 80 percent of the building vacant, according to the New York Post, which first reported the conversion plans in January.

The Post reported at the time that SL Green was planning to add 11 floors to the building’s western side, but the landlord’s filing this week shows no plans for that.

The project, which is set to include a health club and 0.5 acres of outdoor space, is expected to cost $805 million and take three years to complete, the Post reported.

SL Green’s filing this week also shows plans that it’s not completely giving up its life as an office property, as it would have office and coworking space on the second and third floors. Plans also call for retail space on the ground floor and lower level, with apartments on the third through 34th floors.

In addition, the project is set to feature yoga and wellness rooms, a fitness center and a sauna, according to the filing.

News of the conversion comes after the Empire State Development board of directors voted Thursday to approve SL Green’s other major conversion project in Times Square, as CO previously reported.

SL Green, along with co-owners Apollo Global Management and RXR, is set to transform the 38-story office tower at 5 Times Square into a mixed-use development with as many as 1,250 housing units, 313 of which will be permanently affordable, CO reported. The first phase of construction on the project is set to be completed in 2027.

Isabelle Durso can be reached at idurso@commercialobserver.com.