Gramercy

88 & 90 Lexington Avenue, January 13, 2016. All photographs by Evan Bindelglass unless noted.

Touring The Residential Conversion Underway at 88 & 90 Lexington Avenue

Two buildings, one destination. That’s what’s going on at 88 & 90 Lexington Avenue, between East 27th and 26th streets in Manhattan’s Gramercy area. Two buildings – 88 Lexington Avenue, built in 1927, and 90 Lexington Avenue, built in 1958 – are being converted into luxury condominiums by HFZ Capital Group, with workshop/apd as designer. We stepped inside last week to see how the conversion is going.

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209-225 East 19th Street

Cabrini Medical Center Redevelopment Lands $345.5 Million Loan, Gramercy

In March, YIMBY revealed renderings of the four-building, 223-unit condominium redevelopment of Cabrini Medical Center, in Gramercy. Now, developers Chetrit Group and Clipper Equity have closed on a $345.5 million loan for the project, according to Commercial Observer. Dubbed Gramercy Square, three medical buildings will be converted, and a fourth building will be constructed ground-up. Also planned is a 25,000 square-foot court yard, designed by M. Paul Friedberg and Partners; Woods Bagot is the project’s design architect. Completion is expected in 2016.


255 3rd Avenue

Developer To Acquire Assemblage Spanning 253-261 3rd Avenue, Gramercy

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.


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