New development is an infrequent occurrence in the East 20s, but from 121 East 22nd Street through to 122 East 23rd Street, Toll Brothers City Living is almost finished on their latest project, designed by the Office of Metropolitan Architecture. Tectonic stopped by the site for an update, and the latest progress shots show that the smaller of the two buildings is almost ready for its opening day.
Back in March of 2016, YIMBY reported on new building applications for an assemblage at 200 East 21st Street, on the corner of Third Avenue, in Gramercy. Now, the new project, designed by BKSK Architects, has topped out 21 floors and 210 feet above the streets below. Alfa Development is behind the building, which will have 67 condominiums, and opening day is about a year out.
CIM Group has entered into contract to purchase, for nearly $90 million, the vacant 24-story, 156-unit apartment building at 301 First Avenue, located on the corner of East 17th Street in Gramercy. The future owners of the 200,000-square-foot tower are floating plans to either renovate the property into rental apartments or demolishing it for a new condominium building, The Real Deal reported. The 13,248-square-foot lot is currently overbuilt under present-day zoning laws. The building was built in 1969 to house Mount Sinai Beth Israel medical personnel and was vacated in the summer of 2016.
In May, schematic drawings offered a first glimpse of the Office of Metropolitan Architecture-designed 18-story, 133-unit mixed-use complex at 121 East 22nd Street (a.k.a. 122 East 23rd Street), in Gramercy. A rendering has now been revealed of the main 18-story tower portion, to rise on the corner of East 23rd Street and Lexington Avenue, Archdaily reported. The latest building permits indicate the complex, comprised of 18- and 13-story components, will encompass 275,387 square feet, unchanged from May. There will be 12,125 square feet of retail space on the ground floor. The units above will be condominiums ranging from studios to five-bedrooms, averaging 1,492 square feet apiece. Toll Brothers City Living is the developer and SLCE Architects is the architect of record. The block-thru site has been cleared of its four-story predecessors. Completion is expected in 2018.
Springhouse Partners has acquired, for $55 million, the six-story, 56-unit mixed-use building at 51 Irving Place, located on the corner of East 17th Street in Gramercy. The 42,502-square-foot property contains about 10,000 square feet of commercial space, which is currently split between five retail units and a single office unit. The residential units above are rental apartments, most of which are market-rate. The new owners plan to conduct renovations, according to The Real Deal. Work will include upgrades to the façade and interiors, and the addition of residential amenities. The apartments will remain as rentals. The property could also accommodate a small expansion, as it contains 5,000 square feet of air rights, although such plans to build an expansion are not known. Springhouse Partners recently secured a $37 million mortgage to finance the acquisition.