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.
In December, Toll Brothers picked up the headquarters for United Cerebral Palsy of New York City for $135 million. Now the Pennsylvania-based developer has filed applications to erect an 18-story residential building on the site between Park and Lexington Avenues.
The city’s Economic Development Corporation has requested proposals to develop the property at 124 East 14th Street, between 3rd and 4th Avenues in Union Square, according to Crain’s. Currently, a two-story commercial building housing a P.C. Richard & Son appliance store occupies the property. The site, however, boasts the potential for 140,000 square feet of residential development or 93,000 square feet of commercial development rights. The city is aiming to have an office building constructed, but the project could end up being residential or mixed-use. Existing retail leases in the building expire in February of next year, the same time proposals are due.
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.
