Right in the center of the action, the Modell family has quietly erected The Gramercy North, a 15-floor condominium tower at 139 East 23rd Street in Manhattan's Gramercy neighborhood. The lot was formerly occupied by a small three-story building whose ground floor was occupied by a Modell Pawnbroker. Building permits filed by Eric Modell in 2016 show the ground-up 26,000-square-foot building hosts just 14 apartments, all floor-through residences. The approved offering plan shows a total sellout of $42.4M.
The eastern extents of 23rd Street ,between Fifth and First Avenues have certainly seen their share of new residential development over the years. Bookended by the new condos of CODA on First Avenue and the super-slender One Madison near Broadway, the success of residential projects along the stretch seems to have put to rest any apprehension about developing high-end housing on busy two-way Manhattan thoroughfares.
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Three of the building's 14 apartments are already in-contract. The three apartments publically listed are all full-floor two-bedroom units priced between $2.4M and $2.9M. They come in at an average price per square foot of $1,698, which is a bargain for new development and the neighborhood.
According to the marketing team led by Compass, Gramercy North apartments are "inspired by urban life and timeless Italian design, residences are thoughtfully designed with impeccable Italian finishes, neutral colors, and floor to ceiling windows for naturally illuminated city views." Honed by designer Stefano Pasqualetti, each residence is accessed via private elevator and features an open layout, 7-inch-wide custom Italian hardwood floors, LEMA custom closets, and Effebiquattro doors.
Kitchens have European oak cabinetry accented with stunning Arabescato Vagli marble, Fantini chrome fixtures, and integrated Miele appliances, including a vented gas cooktop and built-in microwave. Master bedrooms have a walk-in closet and a "spa-inspired" ensuite bathroom finished in Travertino Silver Roman marble. They each feature a walk-in rain shower and a wide double vanity trimmed in distinctive gray hardwood.
Kitchens have European oak cabinetry accented with stunning Arabescato Vagli marble, Fantini chrome fixtures, and integrated Miele appliances, including a vented gas cooktop and built-in microwave. Master bedrooms have a walk-in closet and a "spa-inspired" ensuite bathroom finished in Travertino Silver Roman marble. They each feature a walk-in rain shower and a wide double vanity trimmed in distinctive gray hardwood.
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HTO Architect is listed as the architect of record and images published on the firm’s website show a handsome façade full of depth composed of black brick, copper detailing, and framed sections of full-height windows framed in three-story sections. According to the page, “139 East 23rd Street mirrors the sophistication of its surroundings.” Amenities are to include a common roof deck and fitness center. There will also be retail space on the ground and cellar levels.
Condo closing prices in Gramercy still hover near record highs and, as of October 1, average $1,904 per square foot. There are presently 121 condos for sale in the neighborhood priced at a median of $2.25 million.
The area’s most sought-after new developments include CODA (9 availabilities averaging $1,572/foot), Gramercy Square (22 availabilities averaging $2,094/foot), Celeste (12 availabilities averaging $2,014), and Toll Brothers/OMA's chiseled concoction 121 East 22 (15 condo availabilities averaging $2,444 per square foot).
The area’s most sought-after new developments include CODA (9 availabilities averaging $1,572/foot), Gramercy Square (22 availabilities averaging $2,094/foot), Celeste (12 availabilities averaging $2,014), and Toll Brothers/OMA's chiseled concoction 121 East 22 (15 condo availabilities averaging $2,444 per square foot).
Would you like to tour any of these properties?
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