The Real Deal New York

Toll Brothers plans 133-unit Gramercy Park condo building

Developer bought the site last year for $135M

November 12, 2015 11:37AM
By Ariel Stulberg

From left: David Von Spreckelson and 122 East 23rd Street

From left: David Von Spreckelsen and 122 East 23rd Street

Toll Brothers City Living filed plans for a 18-story condo building on the Gramercy Park site it bought last year for $135 million.

The new building, which will rise at 122 East 23rd Street, between Lexington and Park avenues, will be divided into a north wing and a south wing. It will house a total of 133 units within 225,000 square feet of space.

Behind the story:
Toll Brothers

The building’s ground floor will contain four retail condo units totaling 12,000 square feet, according to an offering statement. Each of the second through 18th floors will contain between one and nine units, which, according to a report in the Philadelphia Business Journal, will be condos.

It will also feature a cellar-level pool and exercise room, a rooftop terrace, a residential lounge and terrace on the second floor, as well as a 92-car parking garage.

SLCE Architects is the architect of record.

Permits were filed in May to demolish the existing four-story structure at the site.

Toll Brothers bought the property last year from United Cerebral Palsy, a nonprofit, which had owned it since 1973. The developers paid nearly twice as much as the site was expected to fetch, according to reports at the time.

David Von Spreckelsen, Toll Brothers City Living’s president, recently expressed skepticism about the strength of New York’s luxury condo market, saying “Supply has started to catch up with demand.”

Condo units at the company’s 55 West 17th Street project will cost about $2,200 per foot, about $450 below the Manhattan average for new developments.