Toll Brothers seeks $500M sellout at Gramercy condo

Planned tower at 122 East 23rd Street adds to Madison Square condo cluster

From left: 122 East 23nd Street in Gramercy and David von Spreckelsen
From left: 122 East 23nd Street in Gramercy and David von Spreckelsen

Toll Brothers City Living is aiming for a $503.5 million sellout at its Gramercy condo development at 122 East 23rd Street, according to an offering plan filed with the Attorney General’s office.

The development firm filed plans to build a 133-unit tower in November. Located between Lexington and Park Avenues, the site is a block away from Extell Development and HFZ Capital Group’s condo tower One Madison at 23 East 22nd Street and from Continuum Company’s Condo Development 45 East 22nd Street. It is also close to another Toll Brothers condominium, 160 East 22nd Street.

Toll Brothers’ $503.5 million projected sellout translates to an average of around $3.8 million per unit. That’s well below Continuum’s projected average price of $8.6 million per unit at 45 East 22nd Street, but also significantly above the Gramercy neighborhood’s median sales price of $1.7 million, according to Trulia.

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Toll Brothers bought the site from nonprofit United Cerebral Palsy for $150 million in September 2013. The lot continues from 23rd to 22nd Street, and is sometimes referred to as 121 East 22nd Street.

Toll Brothers is one of the city’s most active condo developers. It is currently developing the Pierhouse condos at Brooklyn Bridge Park, among other projects.