YIMBY

June 27, 2016

By Rebecca Baird-Remba

The 12-story rental building at 69 East 125th Street in East Harlem is getting close to its full height. The developers have sent along shots of the construction, which has reached the 11th floor along 125th Street.

The development has risen fast since the foundation was poured in February. Construction kicked off towards the end of last year, and it’s set to finish in the spring of 2017. The building is split into two towers, and the structure for the shorter, north tower has hit six stories. Since the 126th Street side of the project is supposed to be six stories plus a penthouse, it’s close to topping out as well.

The finished complex will hold 75 apartments, divided across 57,300 square feet. The units will consist of full-floor and half-floor apartments, and 20 percent of them will be rented for below-market rates. The developer, Greystone, broke ground last year before the old 421-a tax break expired, and the building will be exempted from property taxes for at least 15 years. The firm could also have taken advantage of a floor area bonus, but they were unable to use it because zoning limits the heights along 125th and 126th streets.