Borough Developers files plans for 96 units at Beth Israel buildings in Gramercy
313 East 17th Street (Credit - Cyclomedia)
Borough Developers submitted two plans to create a total of 96 residential units in two buildings that are currently commercial properties that have been part of the Mount Sinai Beth Israel medical campus in Gramercy, Manhattan. No recent transfer documents from the hospital have been recorded in the city’s property records for either property as of publication.
In the larger, Borough Developers submitted a major alteration application for a conversion of the 71,499 square-foot hospital building at 313 East 17th Street in Gramercy, Manhattan, to an 87-unit mixed-use building. The plan was filed with the New York City Department of Buildings on December 27, 2024 under job number M01159579. It calls for an increase in the size of the building from a 12-story building with no dwelling units to a 13-story building with 87 dwelling units. The project is described in the filing as: proposed conversion of twelve (12) story community facility building to a thirteen (13) story mixed-use residential building. Shimon Kleinman, COO of Borough Developers submitted the plans. The architect is Kao-Hwa Lee Architects.
In the smaller plan for an adjacent townhouse, Borough Developers submitted a major alteration application for a conversion of the community facility building at 321 East 17th Street to a nine-unit residential building. The plan was filed with the New York City Department of Buildings on December 27, 2024 under job number M01159581. It calls for a rehab of the five-story building. The architect is Kao-Hwa Lee Architects.
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Sub-Cellar - 1 | MECHANICAL ROOMS | Apartment | N/A | Residential | ||
| 2 | Cellar | RECREATION ROOM, COMPACTOR ROOM, MECHANICAL ROOMS. | Apartment | N/A | Residential | ||
| 3 | Cellar | STORAGE ROOMS | Apartment | N/A | Residential | ||
| 4 | Cellar | BICYCLE STORAGE | Apartment | N/A | Residential | ||
| 5 | 1 | RESIDENTIAL LOBBY, MAIL ROOM, GARBAGE CHUTE | Apartment | N/A | Residential | ||
| 6 | 1 | RECREATIONAL SPACE | Apartment | 5 | Residential | ||
| 7 | 1 | BICYCLE PARKING | Apartment | 3 | Residential | ||
| 8 | 1 | COMMUNITY FACILITY | Ambulatory Health Facility | 20 | Business | ||
| 9 | 2 | TEN (10) CLASS A RESIDENTIAL UNITS | Apartment | N/A | Residential | 10 | |
| 10 | 2 | REFUSE ROOM | Apartment | N/A | Residential |
The property
The specialty building in Gramercy has 70,848 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 104 feet and is 106 feet deep with a total lot size of 11,024 square feet. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $15.1 million.
Violations and lawsuits
According to city public data, the property has received two DOB violations, $1,250 in ECB penalties, and $1,250 in OATH penalties in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.
The neighborhood
In Gramercy, The bulk, or 31 percent of the 11.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 24 percent of the space. In sales, Gramercy has near average sales volume among other neighborhoods with $520 million in sales volume in the last two years and is the 19th highest in Manhattan. For development, Gramercy has near average amount of major developments among other neighborhoods and is the 18th highest in Manhattan. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 19 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of nine of the 14 commercial properties representing 408,814 square feet of the 505,155 square feet. The largest owner is Alfred Caiola, followed by Askold S. Lozynskyz and then Croman Real Estate. On the tax block, there were three new building construction projects totaling 135,201 square feet. The largest is a 40-unit, 55,340 square-foot residential (R-2) building submitted by CIM Group and filed by David Wellspring with plans filed September 7, 2018 and it has not been permitted yet. The second largest is a 50-unit, 55,321 square-foot residential (R-2) building submitted by Minrav Development and filed by Yehuda Mor with plans filed February 10, 2021 and permitted October 15, 2024.
The surrounding
Within a 400-foot radius of 319 East 17th Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months. One of those three items was a sale which Bethpage Federal Credit Union bought 20 condo units in the 1,647-square-foot, 161-unit mixed-use building (RM) on 305 2nd Avenue and zero other properties for $9.5 million from Winthrop D. Chamberlin on November 16, 2023. Of those three items, two were loans above $5 million totaling $136.4 million. The most recent of the two was NYU Langone Hospitals in which borrowed $121.4 million from Series 2024A DASNY Bonds secured by the 823,085-square-foot, one-unit industrial (I1) on 302 2nd Avenue and four other properties on October 17, 2024.
Direct link to the property’s ACRIS page and link to DOB NOW portal.