When Ben Shaoul’s Magnum Real Estate Group shelled out $270 million for two luxury rental buildings in the Upper East Side and Gramercy last year, it was only a matter of time until they became condos. Now construction is moving along at 385 First Avenue in Gramercy, and the property has a teaser site and a new name: Luminaire.
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.
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.
Back in July of 2014, YIMBY reported on the first filings for a new development coming to 150 East 23rd Street, between Lexington and Third Avenues, in Gramercy. The 19-story project is being designed by ODA Architecture, and we now have the reveal for the building, which is being developed by Kent Chang of LKH 23rd LLC.
