It seems every major intersection in Gramercy between East 20th and 23rd Streets is being redeveloped these days. Last fall, 6sqft reported that a humble set of walk-up buildings at the southeast corner of East 21st Street and Third Avenue were hitting the chopping block. Since then, a new building application has been filed to construct a 20-story condominium designed by BKSK Architects with Alfa Development at the helm.
A new rendering of the structure, addressed officially as 200 East 21st Street, was published on the project’s EB-5 investors page and shows a two-tiered metal and glass building. There will be 29 one-bedroom units, 24 two-bedrooms, seven three-bedrooms, and three four-bedrooms, for a total of 63 apartments spread across 80,000 square feet. The ground level will host retail spaces and a shortlist of residential amenities includes a 24-hour doorman, concierge, tenants’ storage, a bike room, fitness center, and residents’ lounge.
The building closely conforms to the area’s tight zoning envelopes. All nearby developments along the avenues conform to this lackluster massing; blocky boxes rise to a maximum height of 210 feet with a 10-foot setback beginning at 150-feet. Despite it all, the project may bring a bit of pizazz to ho-hum Third Avenue as it outlines sections of its glossy facade with LEDs and frames its glass corner with articulated sections of masonry that ripple upward.
Alfa purchased the the four-building parcel from Kevin Maloney’s Property Markets Group and Apex Investments for $69.6 million. They’re seeking $28 million in EB-5 investor funding, and demolition at the site has already commenced.
Prices of Gramercy Park-located condominiums are near their record highs and outperform the Manhattan condo average. © CityRealty
A bevy of condominium developments are underway nearby. Just one block south of Alfa’s parcel is the site of the old Cabrini Medical Center, which is being converted into a 260-unit condominium development branded as Gramercy Square. To the northwest, LKH 23rd LLC is developing a 19-story, 52-unit condo tower at 150 East 23rd Street, and as we reported earlier this year, Toll Brothers is busy excavating a site for two-towered Rem Koolhaas-designed project at the southwest corner of Lexington Avenue and 23rd Street.
Over the past decade, Michael Namer’s Alfa Development has been responsible for a collection of successful eco-conscious residential buildings throughout Manhattan’s downtown neighborhoods. Their latest is the 27-unit condo Village Green West at 245 West 14th Street, which has just one home remaining on the market: a third-floor one-bedroom priced at $1,785,000.
View future listings for 200 East 21st Street at CityRealty.
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Neighborhoods : Gramercy