In the summer of 2015, Chelsea-based Alfa Development entered into contract to acquire the development site spanning 253-261 Third Avenue (a.k.a 200 East 21st Street), in Gramercy, and now the developer is planning a 20-story, 65-unit mixed-use building. The Real Deal reports the project will measure 104,700 square feet in total and will include 7,200 square feet of ground-floor retail space. The rest of the new building will contain 65 condominium units, which will come in one- to four-bedroom layouts. BKSK Architects will be responsible for the design. Reportedly, the developers filed permits for the project, although they have yet to hit public record. Demolition permits, however, are on file for all of the assemblage’s existing buildings. Four three-story structures are to be demolished at 253-259 Third Avenue, and a five-story, 12-unit tenement building at 200 East 21st Street will be razed.
255 Third Avenue
Apex Real Estate Investments recently purchased the properties spanning 257-259 3rd Avenue, in Gramercy, expanding an assemblage that now includes 253-261 3rd Avenue. Now Alfa Development is in contract to acquire the development site for $69.6 million. Condominiums are most likely planned for the site, which boasts roughly 90,000 square feet of building potential. Demolition permits were filed in 2014 for the three-story building at Nos. 253-255, although none are on file for the three- and five-story buildings at Nos. 257-261.
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.
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