Moinian Group Seeks Rezoning for 354-Unit Tower Near Queensboro Bridge Key Points

• Moinian Group pursuing rezoning for a 354-unit residential tower
• Site at 1097 First Avenue would replace low-rise buildings
• Plan aims to unlock higher density on a prime Upper East Side corridor

What the rezoning means for development upside

Moinian Group is targeting a classic value-add play by seeking to rezone an underbuilt site near the Queensboro Bridge. If approved, the project would allow a high-rise residential tower where low-rise mixed-use buildings currently stand. That shift dramatically increases the site’s development potential and overall asset value. In Manhattan, rezoning like this is one of the most effective ways to create scale in supply-constrained neighborhoods.

What the project means for housing in the Upper East Side

A 354-unit building would bring meaningful new housing supply to an area where large projects are increasingly rare. Given the location, the development is likely to target a broad rental base, benefiting from strong demand and limited new inventory nearby. Larger projects like this also allow for more efficient operations and long-term income stability for owners.

What the location means for long-term value

Positioned near the Queensboro Bridge, the site offers strong connectivity between Midtown and Queens, making it attractive to commuters. This part of the Upper East Side continues to see steady demand due to its accessibility, established residential base, and proximity to major employment centers. These fundamentals support consistent occupancy and long-term rent growth.