Overview

When Lenny Taub envisioned 160 East 22^nd Street, he had different plans.  After acquiring many of the buildings on the block (3^rd avenue between 21st and 22^nd,) Taub was unable to strike a deal for 270 3^rd Avenue, a three-story building housing a bar and psychic on the ground floor.  Rather than abandon the project, Taub’s development firm Kaish & Taub decided to be resourceful.  They appointed the designer firm Kutnicki Bernstein Architects (responsible for the design 154 Attorney Street) to create a glass structure that would wrap around the resistant building without compromising the substance of the building.  The result is a large and efficient 145,000 square foot residential project expected to catch the eye of many potential buyers.  The exterior of the building consists of a modern white architectural facade intertwined with green glass. The blend of luxury and comfort is a consistent theme that appears throughout the interior design and amenities choices.  Upon its completion, 160 East 22^nd hopes to become one of the most talked about modern mixed-use residential structures that the Gramercy Park area has to offer.

A partial rendering of the building.  Yes, that little structure within the condo does look out of place.  The bar inside must hope that eventual residents will convene here after work to unwind.  Not to worry, it appears they sold the air rights and likely earned a handsome premium.   

Units and Pricing

160 East 22^nd Street will provide a wide variety of living spaces to potential buyers.  There will be 71 residences that will include 1, 2, and 3 bedroom units ranging anywhere from 800 to 1,500 square feet in size.  Each unit comes standard with fine stone and hardwood floors.  Units will also have a screening room and balcony with impressive views of the Gramercy neighborhood.  The building’s units will also offer a deluxe full-sized kitchen and a custom-designed bathroom.

Unit prices tend to vary depending on the type of living space.  The asking price for units will range anywhere from $1.2 million for a one bedroom to $2.25 million for a three bedroom.  The average price per square foot in the building is approximately $1,500 which is about right for the area and comparable with other new condo projects.

Amenities

160 East 22^nd Street has a wide variety of amenities and perks to offer its residents.  For starters, the building has a 24-hour concierge service to go along with cabanas and storage areas for residents.  There is also a fitness center that includes a gym as well as an outdoor pool, a rooftop garden, and a clubhouse (containing a sauna).  The ground floor will contain commercial space occupied by high end retail. Potential buyers will find that the amenities here rival anything else you’ll find in the Gramercy area.

Location

The Gramercy Park area is one of the premier real estate neighborhoods in Manhattan.  This building isn’t directly on the park–just northeast of it–but very close.  In terms of parks, you’re actually equally close to Madison Square Park, Union Square Park, and Stuyvesant Park.  The restaurant choices around here are fabulous.  Lots of trendy spots within walking distance.  The same goes with shopping in the sense that anything you can imagine is right on 3rd Ave or the major nearby intersections of 23rd Street and 14th Street.  And, because of its proximity to colleges (NYU, FIT, Baruch) the area is full of youth and energy.  Overall a very vibrant spot to live.

Investment Potential
         
Upon its completion, 160 East 22^nd will be one of the larger residential projects that the Gramercy neighborhood has seen as of late.  We’ve had detailed coverage of Gramercy by Phillipe Starck, which is another large Gramercy development 5 minutes east of this one.  These projects will be similar in terms of size and amenities, but the design styles will be quite different.  We expect units here to be in high demand and hold their value fairly well.  For this reason we give the building an A-.