New Luxury Developments Coming to Gramercy Park

One Madison Park

Gramercy Park is one of the most desirable residential neighborhoods in New York City, which is why any news of new luxury real estate development here is almost certainly going to cause a lot of excitement and glee. The latest rumor doing the rounds is that there is going to be a 40-story tower coming up at 45 East 22nd Street, which was once the site of the famous Tony Ciano restaurant.

According to a report in Real Estate Weekly, the site, which is currently occupied by a townhouse, was bought by Gerald Lieblich for a sum of $3.2 million. Lieblich has also reportedly bought air rights from the townhouses near 45 East 22nd Street, which will pave the way for him to build his proposed high-rise tower in the Gramercy Park neighborhood.

160 East 22nd Street

However, 45 East 22nd Street is not the only new development happening in this very exclusive neighborhood—Related Companies is building a 50-story, 91-unit luxury condominium building at 23 East 22nd Street called One Madison Park. There is also construction happening at 160 East 22nd Street, which is a Toll Brothers project that is building a 21-story, 80-apartment building on the site.

Given how promising these new developments look, it seems very likely that they will be able to replicate the success seen by fellow Gramercy Park tower, 18 Gramercy Park South. The city’s real estate sector hasn’t yet forgotten the $42 million sale of the duplex penthouse at 18 Gramercy Park South—and it’ll be interesting to see if these new developments will be able to break that record.