The Real Deal New York

Alfa plans 65-unit, 20-story Gramercy condo

Developer paid $70M for four buildings on site in August

March 01, 2016 02:45PM
By Mark Maurer Twitter_logo_blue copy

200 East 21s

253-261 Third Avenue in Gramercy Park (inset: Alfa Development principal Matthew Namer)

Alfa Development filed plans for a 20-story condominium building on a site it acquired for nearly $70 million last year, the firm told The Real Deal.

The roughly 104,700-square-foot property at 200 East 21st Street, also known as 253-261 Third Avenue, is expected to hold 65 condo units and a 7,200-square-foot ground-floor retail space. The apartments will range from one- to four-bedrooms.

Alfa, a Chelsea-based development firm led by Michael Namer, hired BKSK as the architect, but has not yet decided on pricing or hired a brokerage to market the apartments.

The prices will likely be in the vein of Chelsea Green, a 14-story, 51-unit condo building at 151 West 21st Street also developed by Alfa. Prices at the eco-friendly building, which opened in 2014, range from $800,000 to $8.8 million, according to StreetEasy.

Alfa acquired the four mixed-use buildings on the site from Kevin Maloney’s Property Markets Group and Kasra Sanandaji’s Apex Investments for $69.6 million last summer, as TRD reported. Back in 2014, PMG and Apex toyed with the idea of developing an affordable housing property there.

Alfa submitted a permit application Tuesday, about two months after receiving approval to demolish the existing properties, according to the Department of Buildings.

Elsewhere in the neighborhood, Toll Brothers is planning a 18-story, 133-unit condo building at 122 East 23rd Street.

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