The first closing has been recorded at the Gramercy Square condo complex, a development project that consists of four buildings with a total of 223 units.
The first sale of the project was recorded in The Prewar at Gramercy Square, at 225 East 19th Street, a 48-unit conversion of a building that was formerly part of the Cabrini Medical Center. The sale was of a one-bedroom that closed for $1.6 million.
The first sale of the project was recorded in The Prewar at Gramercy Square, at 225 East 19th Street, a 48-unit conversion of a building that was formerly part of the Cabrini Medical Center. The sale was of a one-bedroom that closed for $1.6 million.
Gramery Square's four buildings from L to R: 'The Tower' at 215 E. 19th, 'The Modern' at 230 E. 20th, 'The Boutique' at 220 E. 20th, and 'the Prewar' at 225 E. 19th
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A development team consisting of Chetrit Group, Clipper Equity, and the Read Property Group are responsible for Gramercy Square. The partners purchased the 1.4-acre property in 2008. Three of the buildings under development are conversions of former Cabrini Medical Center facilities, while the fourth is a ground-up build dubbed The Modern at Gramercy Square. The other two conversions are called The Tower at Gramercy Square and The Boutique at Gramercy Square. In total, the developers are aiming for an $817.5 million sellout for the project.
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Listings at the Prewar at Gramercy Square range from a 697/ft2 one-bedroom asking $1.6 million to a 1,552/ft2 three-bedroom asking $3.41 million. At The Tower at Gramercy Square—the largest of the project’s four buildings, with 130 units—listings range from a 1,158/ft2 one-bedroom asking $2.1 million to a 3,187/ft2 three-bedroom asking $9.6 million. At The Modern at Gramercy Square, current prices are running between $1.3 million for a one-bedroom to $2.4 million for a two-bedroom. There are no active listings at present in the fourth building, the 8-unit Boutique at Gramercy Square.
The centerpiece of the complex is a half-acre of gardens designed by the firm MPFP, the landscape team behind Greenwich Lane's courtyard. The development also includes an 18,000/ft2 amenity space called The Gramercy Club, which boasts a 75-foot pool, spa and fitness center designed and curated by La Palestra.
The Prewar at Gramercy Square
The Tower at Gramercy Square
The Modern at Gramercy Square
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