Construction crews at 1482 First Avenue are steadily filling in the pit, with broad stretches of new below-grade structure now formed for a 30-story residential tower on Manhattan's Upper East Side. The building is expected to rise roughly 395 feet and hold about 86 rental apartments across roughly 161,000 square feet of interior space. Developers say the site could reach street level by the end of spring, with completion anticipated around the end of 2027.
Foundations and site work
Large portions of the new foundation are already in place, and steel rebar now outlines the future core and perimeter walls, according to New York YIMBY. The lot, made up of two joined interior parcels at First Avenue and East 77th Street, has seen active excavation and below-grade work since late last year. Recent site photos show formed footings and shoring that line up with the developer's projected construction schedule.
Design and what’s planned
Hill West Architects is listed as the project architect and Paris Forino as the interior designer, per CityRealty. Renderings show a straightforward rectangular tower with several setbacks, terraces and a rooftop amenity. Local listings put the development at roughly 28 to 30 stories with 86 units. Plans also call for a small ground-floor commercial space and resident access to a roof area on an upper setback.
Financing and timeline
Developer Alchemy-ABR moved ahead with full construction after securing about $127 million in construction financing from Helaba, according to PincusCo. The loan was recorded in late February and early March 2026, clearing the way for contractors to push deeper into the foundation and other below-grade phases. Project filings describe the job as an 86-unit residential development tied to the First Avenue site.
Site history and neighborhood context
The properties at 1482-1484 First Avenue were assembled by Alchemy-ABR last year in a pair of purchases that combined a vacant medical building with a low-rise commercial block. The combined acquisition was reported at about $33.7 million, according to The Real Deal. The tower joins a growing wave of Lenox Hill and Upper East Side projects that have picked up since the Second Avenue corridor saw renewed permitting activity. Neighbors can expect trucks, concrete pours and intermittent sidewalk disruptions as below-grade work continues through the spring.
What neighbors will see next
Site coverage and project listings put the building's anticipated completion at the end of 2027, and the closest subway access is the Q train at the 86th Street station, New York YIMBY notes. Once the foundations reach street level, crews are expected to pivot to the vertical phase, building the concrete core and perimeter framing, then moving on to exterior cladding and interior fit-outs. For now, the cleared lot, shoring and steady stream of concrete are the clearest signs that a new rental tower is taking shape on this stretch of First Avenue.
