Excavation is underway at 38 Gramercy Park East, the site of a 20-story residential building in Gramercy, Manhattan. Designed by Roman & Williams and developed by Legion Investment Group, the structure will yield 57 condominium units. The project will become the largest building of its kind constructed in a century in the area surrounding the nearly 2-acre private park. SLCE Architects is the architect of record and Gindi Capital is the capital partner for the property, which alternately addressed as 146 East 21st Street and bounded by Gramercy Park East, East 21st Street, and Third Avenue.
The six former occupants of the property have been razed and cleared since our last update in April 2025, when demolition preparations were just getting underway. Crews have begun to excavate the L-shaped plot and are using piling machines to prep for the forthcoming foundations. Digging should proceed over the next few months, followed by the formation of the substructure later this spring. YIMBY expects the superstructure to emerge above street level sometime during the summer.
38 Gramercy Park East. Photo by Michael Young.
38 Gramercy Park East. Photo by Michael Young.
38 Gramercy Park East. Photo by Michael Young.
38 Gramercy Park East. Photo by Michael Young.
38 Gramercy Park East. Photo by Michael Young.
38 Gramercy Park East. Photo by Michael Young.
38 Gramercy Park East. Photo by Michael Young.
38 Gramercy Park East. Photo by Michael Young.
38 Gramercy Park East. Photo by Michael Young.
A preliminary axonometric zoning diagram was posted on the info board, showing the building massing for the upcoming project. The bulk of the structure is positioned along the eastern end of the property, with setbacks that step down to the west creating space for numerous private terraces. A cutout in the center of the wide northern elevation will likely serve as the main entrance.
38 Gramercy Park East. Photo by Michael Young.
Legion Investment Group purchased 252–258 Third Avenue in a deal with Korean investor Hee Nam Bae for $72 million in February 2024 with $33.5 million provided by JP Morgan Chase. The acquisition of 37 Gramercy Park East and 38 Gramercy Park North, which was bought for $47 million along with its air rights, allows for the project to secure a Gramercy Park address and provide private access to the gated garden to its residents. The developers also secured a $335 million construction loan from BDT & MSD Partners and Eyal Ofer’s Global Holdings last year. Newmark’s Jordy Roeschlaub, Nick Scribani, Adam Spies, and Adam Doneger brokered the deal. Corcoran Sunshine will handle sales and marketing of the units.
The nearest subway from the ground-up development is the 6 train at the 23rd Street station along Park Avenue South. Also nearby to the south is the 14th Street–Union Square station, served by the 4, 5, 6, L, N, Q, R, and W trains.
38 Gramercy Park East’s anticipated completion date is slated for spring 2028, as noted on site.
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The former occupants have been razed?
They screamed only for a bit.
Harry MacLowe raise an SRO in Times Sq. with someone inside, so it’s not inconceivable.
Seems a bit harsh
Would be nice to get a sense of this site from the viewpoint of Gramercy Park..
Wow they’re moving fast with this one. Can’t wait to see the final design
I’m wondering, if the other residents that have access to the park were unhappy about the increased additional people having access?
I guess they will have to give out a lot more keys now