Residential Development Site At 253-255 3rd Avenue Expands, Gramercy

255 3rd AvenuePre-demolition 253-255 3rd Avenue (at right), image via Google Maps

Last Summer, Apex Real Estate Investments acquired the three-story buildings spanning 253-255 3rd Avenue, in the Gramercy, and now the firm has purchased the buildings at 257-259 3rd Avenue for $15.7 million. According to Commercial Observer, initial plans were to build a 25-unit residential building with affordable units at Nos. 253-255, but it seems the site has been expanded. Bonus air rights are also available with the inclusionary housing bonus, but the rights will apparently be transferred elsewhere.

Demolition permits have been filed for the first two buildings, but new building applications have yet be submitted. Property Markets Group is co-developing.

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