201 East 23rd Street construction progress as of January 2025 and an axonometric drawing of the project
At the northeast corner of Third Avenue and East 23rd Street, at the meeting of Kips Bay and Gramercy, a new mixed-use condo development has made a modest mark on the Manhattan skyline. Rising from 201 East 23rd Street (aka 301 Third Avenue), the 7,200-square-foot corner lot sits two short blocks northeast of Gramercy Park and three avenues east of Madison Square.
Here, Naftali Group, led by CEO Miki Naftali, is building a 19-story, 69-unit condominium with ground-floor retail. The mid-rise project will reach 210 feet to the top of its highest occupiable floor, with an additional 50 feet for its rooftop bulkhead.
As of mid-January 2025, its reinforced concrete superstructure is nearly full height, with only the final portions of the mechanical/elevator bulkhead left to be poured.
While few details have been officially released about the project, a banner wrapping the construction fence proclaims, "A new classic is being created, " promising that the building will have a contextual but notable design. Sales are expected to launch later this year, with completion likely sometime in 2026. A submitted, but not yet approved offering plan outlines 69 residential units and 21 private storage spaces available for purchase.
Section drawing of 201 East 23rd Street
The project’s design is being spearheaded by COOKFOX, a highly respected firm known for environmentally conscious and context-sensitive architecture. Their recent local condo projects include the nearly sold-out Flatiron House, 378 West End Avenue, and 25 Park Row. While few official details have been released on this new tower, drawings submitted to the NYC Department of Buildings depict a blocky massing with a series of asymmetrical setbacks starting on the 13th floor. These setbacks will create terraces for select residences, with some semi-enclosed as loggias for more year-round use. Planned amenities include a rooftop terrace, garden courtyards, and subgrade private storage.
Axonometric drawing of the new tower via NYC DOB
201 East 23rd Street from Third Avenue
The closest subway station is at Park Avenue South and 23rd Street, served by the local 6 train. Nearby attractions include Madison Square Park, Eataly, the Epiphany Branch of the NY Public Library, Asser Levy Park, Union Square, and an abundance of dining and bar options. Midtown, the Financial District, Silicon Alley, and "Bedpan Alley" are all easily accessible from the development. Stay tuned for more details as the official sales launch approaches.
Historically, the site has had varied uses. It was once home to the New York College of Dentistry, founded in 1829. More recently, a two-story commercial retail building occupied the site with tenants such as a Sleepy’s mattress store and a cell phone shop. Despite its unremarkable architecture, the building caught the attention of the blog Ephemeral New York for a unique facade detail: a mermaid-like medallion surrounded by marine life. The medallion’s origins remain unknown (at least to the internet), and it disappeared with the building’s demolition in early 2024.
The pre-existing retail building in 2021
Photo of mystery medallion that adorned the previous building via Ephemeral New York (https://ephemeralnewyork.wordpress.com/tag/201-east-23rd-street-nyc/)
Twenty-Third Street is one of Manhattan's longest and most dynamic east-west thoroughfares but is often overlooked when compared to other two-way boulevards such as 14th Street, 34th Street, and 42nd Street. Centrally anchored by the Flatiron Building and Madison Square Park, the two-mile street traverses several beloved Downtown neighborhoods and is bookended by Chelsea Piers-Hudson River Park at its western terminus and Peter Cooper Village at its eastern start. With its wide mix of architecture, ranging from humble to refined, its eclectic character embodies the diversity of Manhattan itself.
Despite being a high-traffic two-way street, the 23rd Street corridor has long been recognized for its real estate potential, helped by its centrality between Midtown and many Downtown neighborhoods. In the early 20th century, the slang phrase “23 skidoo” is said to have originated near the Flatiron Building, where wind gusts from the iron-shaped structure would blow up women's skirts, attracting gawkers and prompting police to shoo them away, saying, “23 skidoo!” The term came to mean leaving quickly or getting out while the getting is good.
In recent years, condo developers have been doing more "23 redoing" than skidooing. In 2013, the New York Post highlighted the area’s rising property values, citing the Toll Brothers’ development at 160 East 22nd Street, where condo units commanded prices exceeding $1,800 per square foot. Their subsequent project, the sharply designed 121 East 22nd Street, saw prices regularly exceed $2,000 per square foot. On the west side in Chelsea, developer Anbau followed a similar trajectory, with Citizen at 124 West 23rd Street (2012) and more recently with Flatiron House, which opened last year.
234 East 23rd Street. Naftali's 2016 condo development on East 23rd Street (TOWN)
Naftali is also contributing to this trend. Just a half-block east of 201 East 23rd Street, the firm developed 234 East 23rd Street, a 20-story, 57-unit condominium at in 2016. Designed by Hill West, the project featured gridded windows, and a brick facade aged to blend seamlessly with the Downtown streetscape. Current resale units at 234 East 23rd Street average just under $2,000 per square foot, reflecting the area’s sustained demand, while also suggesting strong interest in Naftali's upcoming development.
Naftali's track record in luxury real estate began with the El Ad Group, which oversaw the partial condo conversion of the Plaza Hotel. Now an independent company, the team’s latest projects include The Henry on the Upper West Side, 255 East 77th Street, and the fast-selling One Williamsburg Wharf on the Brooklyn waterfront.
Select listings in recent developments on 23rd Street (east to west)
201 East 23rd Street construction progress as of January 2025 and an axonometric drawing of the project
Axonometric drawing of the new tower via NYC DOB
201 East 23rd Street from Third Avenue
Photo of mystery medallion that adorned the previous building via Ephemeral New York (https://ephemeralnewyork.wordpress.com/tag/201-east-23rd-street-nyc/)
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