Glacier Global Partners submits condo plan with 52 units in Gramercy

Glacier Global Partners submitted a condominium plan through the entity 200 East 20th LLC to create 52 residential units and one commercial units in a building at 200 East 20th Street in Gramercy, Manhattan, called 200 East 20th Street Condominium, according to an November 22, 2022 submission to the New York State Attorney General. The principals of the sponsor, 200 East 20th LLC, were Yaniv Blumenfeld, Yoel Shargian, and Mark Weissman. The sellout price has not yet been disclosed.

There have been 11 condo plans submitted over the the past 10 years in Gramercy with a total of 675 units.

On this parcel, there are plans for a 52-unit, 67,873 square-foot residential (R-2) building originally submitted by Elad Nachum. The project was filed September 13, 2018 and permitted June 30, 2022.

The neighborhood

In Gramercy, the bulk, or 30 percent of the 11.1 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 $242 million in sales volume in the last two years and is the 32nd highest in Manhattan. For development, Gramercy has near average amount of major developments among other neighborhoods and is the 21st highest in Manhattan. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the eight commercial properties representing 303,394 square feet of the 472,891 square feet. The identified owner is S.W. Management. On the tax block, there were two new building construction projects totaling 442,980 square feet. The largest is a 37-unit, 375,107 square-foot residential (R-2) building submitted by Clipper Equity and filed by David Bistricer with plans filed March 25, 2014 and permitted August 11, 2015. The second largest is a 52-unit, 67,873 square-foot residential (R-2) building submitted by Elad Nachum with plans filed September 13, 2018 and permitted June 30, 2022.

The surrounding

Within a 400-foot radius of 239 Third Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months. Of those five items, one was in new building development. It was a new building permit issued on October 20, 2022 for a 67,873-square-foot residential (R-2) building with 52 residential units at 200 East 20th Street. Of those five items, four were sales above $5 million totaling $53.9 million. The most recent of the four was Grace Powers, As Trustee which bought one condo unit in the 4,731-square-foot, 223-unit condo building (R4) on 230 East 20th Street for $11.8 million from Cabgram Developer LLC on November 28, 2022.
Direct link to the property’s ACRIS page and link to DOB NOW portal.