Alfa Development has filed plans with the Department of Buildings to demolish a string of low-rise buildings huddled near the northeast corner of East 21st Street and Third Avenue. The development team led by Michael Namer is known for its environmentally conscious downtown condo towers, which include Chelsea Green, Village Green, and Village Green West. Now, Alfa appears set on sprinkling some of their sustainable magic on a corner-site in Gramercy that could hold a tower of more than 90,000 square feet and rise up to 210 feet tall.
Last month, Alfa purchased the the four-building development site from Kevin Maloney’s Property Markets Group and Apex Investments for $69.6 million. The previous owners had planned to build a 25-unit affordable housing building to generate 40,000 square feet of bonus square footage for an undisclosed luxury development, but instead chose to sell the site to focus on other projects.
The demolition filings recorded yesterday pertain to the three lots addressed 257 Third Avenue, 259 Third Avenue, and 200 East 21st Street, and will shutter a location of Defonte’s of Brooklyn sandwich shop, the French clothing boutique store Les Nanas, a dry cleaner/laundromat, and the bar Plug Uglies, which will move across the street to 256 Third Avenue. Demolition permits for 255-257 Third Avenue were filed last summer.
From L to R: Gramercy Square, 160 Third Avenue, and 150 East 23rd Street
The assemblage is located just a half block from gated Gramercy Park and will rise along a stretch of Third Avenue that has seen increasing amounts of residential development activity in the past few years. According to CityRealty, median condominium prices in Gramercy stand at $1,764 per square foot, which is up 4 percent since last November. 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 north is the recently finished 82-unit condo at 160 East 22d Street developed by Toll Brothers, and at 150 East 23rd Street, LKH 23rd LLC is developing a 19-story, 52-unit condo tower.
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Tags : 200 east 21st street, Alfa Development, Apex Investments, Michael Namer, Property Markets Group
Neighborhoods : Gramercy