38 Gramercy Park East
38 Gramercy Park East (also 146 East 21st Street), at East 21st Street and Third Avenue · Gramercy Park, Manhattan
38 Gramercy Park East is a 20-story condominium under construction at the corner of Gramercy Park East and East 21st Street, with 57 residences designed by Roman & Williams for Legion Investment Group and Gindi Capital. It is the largest new building on Gramercy Park in about a century, completion is posted for spring 2028, and its Gramercy Park address gives residents access to the private park.
At a glance
- Type
- New development condominium (under construction)
- Completion
- Spring 2028 (posted on the construction site); sales launch targeted for 2027
- Height
- 20 stories and 235 feet on the Third Avenue side, stepping down to 12 stories toward the park (DOB filing)
- Residences
- 57 condominiums as marketed (the DOB permit lists 59 dwelling units)
- Developer
- Legion Investment Group (Victor Sigoura) with Gindi Capital
- Architect
- Roman & Williams (design), SLCE Architects (architect of record)
- Sales
- Corcoran Sunshine Marketing Group
- Amenities
- Reported: attended lobby with concierge, fitness center, bike room, 23 private storage units, 12 on-site parking spaces, private terraces, and access to Gramercy Park; ground-floor commercial space
- Pets
- Not yet published by the sponsor (CityRealty lists pets as allowed)
- Asking prices
- Not yet released
A century's first new tower on Gramercy Park
The corner of Gramercy Park East and East 21st Street was part of Samuel B. Ruggles's 1831 plan, in which he deeded the two-acre park to trustees and tied its use to the 60 lots around it. The corner building, built around 1853 to 1854, became part of Sanderson's Family Hotel, later the Gramercy Park House, and was given a neo-Tudor facade around 1920; John Steinbeck lived there in 1925 and 1926 as a struggling young writer. In recent decades it was a five-story co-op of about 33 to 36 apartments, and next door stood 37 Gramercy Park East, an 1850s townhouse remodeled in 1968.
Legion Investment Group spent years assembling the site. Its 2023 filings called for an 11-story, 13-unit condominium on the corner and a separate 14-story building next door. In February 2024 Legion bought four low-rise properties at 252 to 258 Third Avenue for $72 million, and in February 2025 it and Gindi Capital closed on 37 Gramercy Park East and the co-op for $47 million, after buyouts of the co-op's residents and an air rights deal with a neighboring co-op. The six parcels were combined into one L-shaped lot under a Gramercy Park address, backed by a $335 million construction loan from BDT & MSD Partners and Eyal Ofer's Global Holdings.
The site lies just outside the Gramercy Park Historic District, so the design did not need Landmarks Preservation Commission approval, but Roman & Williams drew a prewar-inspired building: warm gray brick over three stone-clad lower floors, arched windows, curving setbacks, and a bulkhead with a pyramidal roof. The mass rises to 20 stories along Third Avenue and steps down to 12 stories toward the park, creating terraces, and west-facing living rooms will look over Gramercy Park. The six old buildings were cleared in 2025, the site went through a state brownfield cleanup, the Department of Buildings issued the full new building permit in 2026, and foundation work was underway by May 2026.
Josh's view of 38 Gramercy Park East
What you won't find on a listing portal, in Josh's own words.
Who it suits
Perfect for discerning buyers who dream of possessing a coveted key to Gramercy Park and immersing themselves in the timeless elegance of classic New York living. From the neighborhood's historic architecture and charming tree-lined streets to its refined atmosphere and exclusive park access, this is Manhattan living at its most iconic and sophisticated.
Buying here
Anticipated for completion in Spring 2028, this extraordinary new development promises to become one of Manhattan's most coveted residential addresses. Rising 20 stories and offering luxurious residences with stunning park views, the building will combine sophisticated design, an exceptional location, and an elevated standard of living. For discerning buyers seeking exclusivity, elegance, and timeless appeal, this is a rare opportunity not to be missed.
The best lines
With just 57 exclusive residences, securing a home in this intimate condominium building is a wonderful opportunity. Each residence offers something special, while the upper-floor apartments are particularly desirable for their reportedly breathtaking views of the New York City skyline.
Mistakes buyers make
There are virtually no drawbacks to this exceptional location! Gramercy Park is not only one of Manhattan's most desirable residential neighborhoods but also an attractive choice for long-term real estate investment. Its timeless appeal, limited inventory, and enduring demand have historically contributed to its desirability, making these residences compelling options for both homeowners and investors seeking long-term value and potential appreciation.
What a listing won't tell you
There's something truly magical about an evening stroll around Gramercy Park after dinner. The neighborhood's peaceful, tree-lined streets, timeless charm, and magnificent architecture create an atmosphere unlike anywhere else in Manhattan. Admire the historic townhouses and architectural treasures surrounding the park, including the iconic National Arts Club, and experience the elegance and old-world sophistication that make Gramercy Park one of New York City's most coveted neighborhoods.
Inside 38 Gramercy Park East
The new building is under construction and no free-licensed photo of it exists yet. Shown: a former building on the site and the park's iron fence.
Living at 38 Gramercy Park East
The building faces Gramercy Park across Gramercy Park East and runs east along East 21st Street to Third Avenue. The National Arts Club and The Players face the park from Gramercy Park South, Irving Place's restaurants start at the park's southern edge, and Union Square and the Flatiron District are a short walk west and south.
- Subway: 6 train at 23rd Street and Park Avenue South (about a quarter mile); 4, 5, 6, L, N, Q, R, and W at 14th Street-Union Square (about half a mile); L at Third Avenue and 14th Street (about 0.4 mile); M101, M102, and M103 buses on Third and Lexington Avenues and the M23 SBS crosstown on 23rd Street
- Parks: Gramercy Park across the street (keyholders only); Stuyvesant Square (about 0.35 mile), Madison Square Park (about 0.45 mile), and Union Square (about half a mile)
- Hospitals and landmarks: NYC Health + Hospitals/Bellevue (462 First Avenue, about 0.6 mile) and NYU Langone Tisch Hospital (550 First Avenue, about 0.8 mile); the National Arts Club (15 Gramercy Park South) and The Players (16 Gramercy Park South) on the park
- Shopping and dining: Irving Place and Third Avenue restaurants and cafes nearby; the Union Square Greenmarket (about 0.4 mile) and the stores around Union Square and the Flatiron District
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Closing costs
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Open the tool →Sources: New York YIMBY, 'Demolition Begins for 20-Story Residential Building at 38 Gramercy Park East' (April 18, 2025) · New York YIMBY, 'Earthwork Underway At 38 Gramercy Park East' (January 26, 2026) · New York YIMBY, '38 Gramercy Park East's Foundations Take Shape' (May 8, 2026) · Legion Investment Group, news post on 38 Gramercy Park East foundations (June 2026) · NYC DOB NOW job filings (NYC Open Data), job M00951038-I1, 146 East 21st Street · NYC PLUTO (NYC Open Data), BBL 1008760025 · The Real Deal, 'Legion Investment Group, Gindi finalize Gramercy Park assemblage' (February 3, 2025) · Commercial Observer, 'Legion Ready to Develop Its Gramercy Park Condo After $47M Purchase' (February 5, 2025) · Multi-Housing News, 'Manhattan Deal Clears Way for Condo Tower' (February 5, 2025) · Crain's New York Business, 'Legion Investment Group to bring 61-unit residential development to Gramercy Park' (November 6, 2023) · New York YIMBY, 'Permits Filed for 38 Gramercy Park East' (November 4, 2023) · CityRealty, 38 Gramercy Park East building page · CityRealty, 'Checking in on 12 Downtown condos anticipated to launch sales this spring' (April 18, 2026) · CityRealty, 'The keys to Gramercy Park: History and full list of buildings with park access' (October 17, 2025) · Our Town Downtown, 'Brownfield Site Near Gramercy Park to Become 20-Story Lux Condo' (July 2025) · Gramercy Park Block Association, The idea of a lasting garden (1831 indenture) · The New York Times, 'Keys to a Condo, and Gramercy Park' (August 3, 2008) · New York Songlines, Gramercy Park East · Corcoran, 38 Gramercy Park East (former co-op) building record · SkyscraperPage, 38 Gramercy Park East
Photos: Photo by MusikAnimal, CC BY-SA 4.0, via Wikimedia Commons · Photo by Beyond My Ken, CC BY-SA 4.0, via Wikimedia Commons · Photo by Alessandra Brunhildmedia, CC BY-SA 4.0, via Wikimedia Commons
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