T
he Manocherian Brothers are poised to revamp a stretch of First Avenue, with plans to demolish three buildings near the intersection of First Avenue and 73rd Street. The properties, all under 8,000 square feet in size, will make way for a new 148-unit development at 1352 First Avenue. The proposed 23-story project includes retail space on the ground floor and is being designed by ODA Architecture.

    Manocherian purchased 1352 First Avenue for $14 million in 2019 and added 402 East 73rd Street for $2.8 million the following year. The third property, 1354 First Avenue, has been owned by the Manocherian family since 1966. The developer filed plans for the project last month.

    The Upper East Side is seeing significant development activity, with Alchemy-ABR recently filing plans for a 28-story, 86-unit property at 1484 First Avenue. The Manocherian family, led by patriarch Freydun Manocherian, owns dozens of apartment buildings and thousands of units throughout Manhattan through Manocherian Brothers and Pan Am Equities.