Foundation work is steadily progressing at 38 Gramercy Park East, the site of a 20-story residential building in Gramercy, Manhattan. Designed by Roman & Williams and developed by Legion Investment Group, the structure will yield 57 condominium units. SLCE Architects is the architect of record and Gindi Capital is the capital partner for the property, which alternately addressed as 146 East 21st Street and bounded by Gramercy Park East, East 21st Street, and Third Avenue.
The ground-up development will become the largest building of its kind constructed in a century in the area surrounding the nearly 2-acre private park.
Excavation and piling work was just getting underway at the time of our last update in late-January, shortly after crews had finished clearing the site of the six structures that formerly occupied it. The first sections of the foundation walls are now beginning to take shape behind wooden formwork, and multiple bundles of rebar protrude across the site in preparation for subsequent pours. Steel bracing has also been erected to support the retaining walls as work continues on the slab and substructure over the coming months. YIMBY expects construction to rise above street level sometime this summer.
38 Gramercy Park East. Photo by Michael Young.
38 Gramercy Park East. Photo by Michael Young.
38 Gramercy Park East. Photo by Michael Young.
38 Gramercy Park East. Photo by Michael Young.
38 Gramercy Park East. Photo by Michael Young.
38 Gramercy Park East. Photo by Michael Young.
38 Gramercy Park East. Photo by Michael Young.
38 Gramercy Park East. Photo by Michael Young.
The below preliminary axonometric zoning diagram shows the bulk of the building is positioned along the eastern end of the property facing Third Avenue, with setbacks that step down to the west creating space for numerous private terraces overlooking Gramercy Park. A cutout in the center of the wide northern elevation will likely serve as the main entrance.
38 Gramercy Park East. Photo by Michael Young.
Legion Investment Group purchased 252-258 Third Avenue in a deal with Korean investor Hee Nam Bae for $72 million in February 2024 with $33.5 million provided by JPMorgan Chase. The acquisition of 37 Gramercy Park East and 38 Gramercy Park North, which was bought for $47 million along with its air rights, allows for the project to secure a Gramercy Park address and provide private access to the gated garden to its residents. The developers also secured a $335 million construction loan from BDT & MSD Partners and Eyal Ofer’s Global Holdings in 2024. Newmark’s Jordy Roeschlaub, Nick Scribani, Adam Spies, and Adam Doneger brokered the deal.
Corcoran Sunshine will handle sales and marketing of the units.
The nearest subway from the project is the 6 train at the 23rd Street station along Park Avenue South. Also nearby to the south is the 14th Street–Union Square station, served by the 4, 5, 6, L, N, Q, R, and W trains.
38 Gramercy Park East’s anticipated completion date is slated for spring 2028, as noted on site.
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developer show your final plans for 13th street and fifth avenue
what are you hiding from. hope you take the cues from the fan love of the new building at 14th and 6th Village West.
We know you are reading this !!
We saw the drawings for gramercy where are they now
if they made it look like the one on 14th and 6th thatd be great
Build, baby build! One of the most exciting ongoing condo projects in the city
It’s surprising that Gramercy Park isn’t a landmark protected district.
David is right. Overlooked.
Axonometric diagram here looks promising, don’t blow it..
Folks, do a little research. The renderings have been revealed- even here on YIMBY!!! It’s a fantastical looking building, very interesting.
Yes, there is a beautiful rendering in a Yimby post from April 2025, it doesn’t really make sense why that isn’t included in this current Yimby post unless that year old rendering is being altered..
Do the other homeowners who have access to the park complain when the amount of units in a new building will increase utilization of the park
It’s only one new building with a limited number of residents, and those with Park access rights don’t use it at the same time, so any change will be negligible.