Silverback Development To Build $100M Gramercy Park Condos
Gramercy Park is going to be getting more new millionaire residents.
Silverback Development announced Thursday it has partnered with a private investor to develop a $100M luxury condominium project on Second Avenue and 21st Street facing Peter's Field Park.
The condos will be built on an 8,052 SF, three-lot land assemblage between what is now 351 and 359 Second Ave. When completed, the project will contain roughly 80K SF of condo space spread out over about 60 units.
The property was originally bought for $32.5M in 2014.
"We look forward to delivering a project that is both architecturally distinct and fits into the existing fabric of such a quintessential New York community," Silverback Development managing principal Josh Schuster said in a company release.
However, the project may have already disrupted the fabric of the Gramercy neighborhood. The Andrett Funeral Home had operated on the site of Schuster's upcoming condos since 1954.
Andrett was operated by Dignity Memorial, which could not find a new location for the business after it lost its lease; relocating a funeral home in Manhattan is not easy. In December 2015, the business sold to Peter DeLuca, who relocated Andrett to the site of his Greenwich Village Funeral Home on 199 Bleecker St. in Greenwich Village.
