Socius Development files plans to demolish two Gramercy garages, no NB plans yet

Scott Aaron’s Socius Development Group filed plans dated October 10, 2024, to demolish two Gramercy parking garage buildings on separate tax blocks in two job applications. The larger, at 329 East 21st Street, calls for the demolition of a 36,700-square-foot, five-story garage between First and Second avenues, a half block west of Peter Cooper Village, through job number M01107665.

The second, at 329 East 22nd Street, one block to the north, calls for the demolition of a 30,000-square-foot, four-story garage through job number M01107668.
The most recent property records in Acris show Lin-Dan Garage Corp. by its president Linda Rosenzweig as as the owner of 329 East 21st Street, which signed a lease with a tenant in 2010 with an expiration date of July 31, 2025. The records show Walter & Samuels as the ground lessor of a 99-year lease for 329 East 22nd Street. The fee owner of 329 East 22nd Street is the Mayflower Garage Co., with the same Linda Rosenzweig as signatory.
There are no new building plans filed for either parcel.
The Socius Development Group website says it has developed properties in New York City and Miami, including Roosevelt Parc at 37-46 72nd Street in Jackson Heights, and 60 Fulton Street in the Financial District and

The property

The parking building at 329 East 21st Street in Gramercy has 36,700 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,500 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.7 million.

Prior sales and revenue

The 36,700-square-foot property generated revenue of $478,620 or $13 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received two DOB violations, $5,000 in ECB penalties, and $5,350 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 $382.7 million in sales volume in the last two years and is the 23rd 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 10 of the 24 commercial properties representing 200,479 square feet of the 700,310 square feet. The largest owner is Algin Management, followed by Allied Realty & Development and then Cazim Dzaferovic. There are no active new building construction projects on this tax block.

The surrounding

Within a 400-foot radius of 333 East 21 Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months. One of those two items was a sale which Russell Fridman bought the 21,356-square-foot, 37-unit rental (C1) on 305 East 21st Street for $8 million from Edith Halpert, Sammy Chaim Halpert, and Chanie Engel on July 24, 2023. One of those two items was a loan which Russell Fridman borrowed $5 million from First Republic Bank secured by the 21,356-square-foot, 37-unit rental (C1) on 305 East 21st Street on July 24, 2023.

Direct link to the property’s ACRIS page and link to DOB NOW portal.