Queensboro Bridge commuters could soon be driving towards a 354-unit complex on the Manhattan side of the road.
The Moinian Group filed a rezoning application with the Department of City Planning for 1097 First Avenue, Crain’s reported. The zoning changes for the 17,500-square-foot site would allow for a 39-story development at the Upper East Side parcel.
The proposal calls for a 316,000-square-foot project with 4,400 square feet of retail space. The residential space would feature 354 units, 25 percent of which would be set aside for those who earn an average of 60 percent of the area median income.
The site between East 60th and East 61st streets is occupied by a handful of five-story buildings, which together span 57,000 square feet — including 5,000 square feet of retail space — and 116 apartments.
Moinian Group senior vice president Michael Zarifpoor submitted the application via a limited liability company that appears to be tied to another developer, Jacob Orfali. It’s unclear how the companies are connected to the project; the development site is owned by the aforementioned LLC.
Moinian did not respond to a request for comment from the publication.
In the fall, Moinian and BXP refinanced their debt at 3 Hudson Boulevard with a $108 million loan from JPMorgan Chase, more than a year after falling into maturity default. Construction on the 2 million-square-foot development began in 2017 but stalled due to the pandemic.
Despite that win, Moinian’s faced several obstacles in recent months. The developer is entangled in a complicated dispute at 500 and 512 Seventh Avenue, a Manhattan office complex and home to the Chetrit Group headquarters.
And in July, special servicer LNR Partners and trustee Wilmington Trust moved to foreclose on Moinian’s 535-545 Fifth Avenue properties. A lawsuit alleged Moinian defaulted on a $310 million loan after failing to make the payment due on the maturity date.
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