25 Affordable Apartments to Rise on Upper East Side

UPPER EAST SIDE — A developer is planning to tear down a vacant Second Avenue building and build 25 affordable apartments in its place, the city said.

Extell Development Company, which is developing the site at 1766-1768 Second Ave., at 92nd Street, wants to build a six-story building with five affordable units and an 11-story building with 20 affordable units, according to Department of Housing Preservation and Development spokesman Eric Bederman.

The buildings will include a roof deck, bike room and laundry room, along with 21 two-bedrooms of about 830 square feet each and four three-bedrooms of about 1,195 square feet each, according to George Arzt, a spokesman for Extell.

larger (1)The proposal is still in the beginning stages of city review, but if the plan is approved, the units would be dedicated to households making a maximum of $47,000 for a single person or $67,000 for a family of four, which is 80 percent of the area’s median income, according to Bederman.

The developer will receive air rights that can be transferred to another site in exchange for creating the affordable apartments, Arzt said. He declined to say how many square feet of air rights were involved.

The current building on the site must be torn down before the new buildings can rise. The Department of Buildings partially vacated the structure in June 2009 because an exterior brick wall was leaning, the agency said.

Extell purchased the property for nearly $13.6 million in August 2014, according to online property records.[DNA]

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