Peter Pennoyer will design an 18-story condo on Madison Avenue

An 18-story building with just 16 units is coming to the Upper East Side. YIMBY reports that Naftali Group has filed plans for the project, which will rise 210 feet at 1045 Madison Avenue, with Peter Pennoyer Architects as the architect of record.

Naftali has been quietly snapping up existing buildings on that stretch of Madison Avenue, between 79th and 80th streets. Last fall, the Real Deal reported that the developer had purchased the lot at 1041 Madison Avenue for $21 million; since then, they’ve also closed on No. 1039, for $26 million, and No. 1045, for $22.8 million.

Plans for the new building, which would replace a consignment shop, call for just over a dozen apartments spread out over 18 stories—three would be duplexes, and several would occupy full floors. Other building amenities will include a roof terrace, a gym, a “theater room,” and a billiards room. There’s also ground-floor retail.

“We are proud to be collaborating with Peter Pennoyer Architects on this once-in-a-lifetime project, which is the first new development in more than two decades in the best area of Madison Ave,” Miki Naftali, CEO of Naftali Group, said in a statement. “In addition to his extensive experience on the Upper East Side, Peter brings amazing, timeless residential layouts, sophisticated forward-thinking designs and unparalleled quality to some of the best buildings in the city.”

Given the location, the size of the apartments, and the architect—Pennoyer is known for his classically-influenced designs, including the condos at 151 East 78th Street—it’s fair to say these will be pretty pricey condos. But it’ll be a while before they come to market; as YIMBY notes, demolition permits for the site have yet to be filed.

• The Naftali Group Files For Peter Pennoyer-Designed Condos At 1045 Madison Avenue On The Upper East Side [YIMBY]