Victor Sigoura of Legion Investment Group filed plans for two new construction construction projects near Gramercy Park with a total of 61 units. One building with 13 units and an address of 38 Gramercy Park East, will front Gramercy Park. The second, larger building with 48 units is at the corner of Third Avenue and 21st Street. The two parcels abut each other midblock.
Legion Investment Group has not yet recorded any purchases of the co-op units at 38 Gramercy Park East.
At the parcel facing the park, Sigoura submitted a new building construction project for a 13-unit, 25,860 square-foot residential (R-2) building. The plan was filed with the New York City Department of Buildings on October 31, 2023 under job number M00951038. It calls for the construction of an 11-story building. The project is described in the filing as: construct 11 story residential building.
The Real Deal reported in November 2022 that Legion Investment Group was planning to build a tower on Third Avenue that would cantilever over the existing 38 Gramercy Park cooperative, which currently has 36 residential units and 21,339 square feet of built space . The article also said the co-op was offering to sell its building for $50 million, through the brokerage Colliers International.
In the second, larger project, Sigoura submitted a new building construction project for a 48-unit, 73,156 square-foot residential (R-2) building at 152 East 21st Street. The plan was filed on October 31, 2023. It calls for the construction of a 163-foot tall, 14-story building and was filed with the New York City Department of Buildings under job number M00951325. The architect is SLCE Architects. The project is described in the filing as: construct 14-story new residential building with one commercial space on the ground floor.
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 $443.4 million in sales volume in the last two years and is the 28th highest in Manhattan. For development, Gramercy has near average amount of major developments among other neighborhoods and is the 24th highest in Manhattan. It had 872,939 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.
On this tax block, PincusCo has identified the owners of four of the 11 commercial properties representing 324,975 square feet of the 362,230 square feet. The largest owner is Chana Ben-Dov, followed by Feil Organization and then Richard Warshaw. On the tax block, there were two new building construction projects totaling 99,016 square feet. The largest is a 48-unit, 73,156 square-foot residential (R-2) building submitted by Victor Sigoura with plans filed October 31, 2023 and it has not been permitted yet. The second largest is a 13-unit, 25,860 square-foot residential (R-2) building submitted by Victor Sigoura with plans filed October 31, 2023 and it has not been permitted yet.
Within a 400-foot radius of 258 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, two were sales above $5 million totaling $17.5 million. The most recent of the two was 34 Gramercy Park East Trust which bought the 80,000-square-foot, 45-unit co-op (D4) on 34 Gramercy Park East and one other property for $11.8 million from James T. Fallon on July 26, 2022. Of those five items, two were loans above $5 million totaling $88.5 million. The most recent of the two was DLJ Real Estate Capital Partners in which borrowed $8.5 million from Principal Life Insurance Company secured by the 24,486-square-foot, 45-unit rental (D6) on 152 East 22nd Street on October 16, 2023.