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Luxury Condos and Fitness Center Set to Rise on East 86th Street: Report

By Shaye Weaver | June 29, 2015 5:49pm | Updated on June 30, 2015 7:40pm
 A tower planned for East 86th Street and Lexington Avenue will bring luxury condos and more retail space to the Upper East Side.
New Tower On East 86th Street
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UPPER EAST SIDE — Luxury condos, retail space and a fitness center are headed to the corner of Lexington Avenue and East 86th Street, according to a developer.

Two existing buildings at 147 and 151 East 86th St. will be demolished to make way for a new $340 million residential and commercial building, the Commercial Observer initially reported.

The new development will feature 50 luxury condos on 15 floors, and roughly 30,000 square feet of retail space on its lower floors. A New York Sports Club has already signed on to take up the third and fourth floors, the Observer reported.

Lou Ceruzzi of Ceruzzi Properties, which co-owns the property with Stillman Development International and Kuafu Properties, told the Observer that the plan is to bring in big retail names to the lower levels of the building.

"We’re looking to have a spot for a world-class retailer on a very important corner in New York City,” Ceruzzi said to the Observer. “I expect that the retail component of our transaction will have one or more retailers on the first floor and at least one of the retailers will merchandise out of the lower-level space also.”

Demolition is planned to begin in nine months and construction of the new building is slated to finish in two and half years, according to the Observer.