Brownfield Site Near Gramercy Park to Become 20-Story Lux Condo

A site that is steps away from historic Gramercy Park must undergo a brownfield cleanup before a developer can build a 20-story mixed-use commercial/residential building that will contain some affordable housing in the mixed into the luxury condo.

The project is the first new major condo in the Gramercy Park area in a century, according to Legion Investment Group which has been working with Ginji Capital to accumulate the various parcels for several years.

Once completed, the residents of the condo will have keys to the two-acre park which since 1831 has been limited only to common stakeholder residents in properties abutting the park. The small green space is one of only two privately owned parks in the entire city.

Legion CEO Victor Sigoura called the latest acquisition “a significant milestone” in a prepared statement, promising that the new building will complement the area’s historic character.

Teardowns have already begun for the property listed at 252 through 258 Third Ave. and running a city block to the edge of the eastern side of the historic park. Before anything can be built, the developer, identified only as the LLC Gramercy 252,will be required to remove recently discovered underground tanks and about 3,000 cubic yards of contaminated soil.

The DES is soliciting the public’s input on the cleanup plan from July 2 to 18, 2025. Residents and local organizations are encouraged to share their opinions online, per DEC documents. Both NYSDEC and the NYSDOH will review comments, revise plans accordingly, and issue a final decision.

Currently, the 0.32-acre plot borders East 20th Street to the south, East 21st Street to the north, Third Avenue to the east, and Gramercy Park East to the west.

In the past, 252–258 Third Ave. has hosted a range of commercial and manufacturing businesses, including a grocery store, coffee shop, nail salon, dry cleaner, as well as a restaurant and bar. Operations such as dry-cleaning have left behind the primary signs of contamination, including chlorinated volatile organic compounds (CVOCs), metals, and polyfluoroalkyl substances (PFAS), in both soil and groundwater.

To combat this, the NYSDEC has proposed a cleanup plan that focuses on removing all underground storage tanks discovered on the property. Following the cleanup, groundwater and vapor samples will be collected to assess its effectiveness. Should concerns persist, a sub-slab depressurization system (SSDS) must be installed beneath the proposed new building to prevent future indoor air contamination.

Gramercy 252 Owner LLC–affiliated with Legion Investment Group and Gindi Capital– has put forward redevelopment plans. They call for the complete demolition—which is already underway—of the existing structures, as well as the construction of a new residential building that may reach 20 stories. The new building will feature both market-rate units and an affordable housing component. The space will also include commercial or community spaces, parking, and a basement level.

Demolition is slated for 2025, with the project expected to be completed by 2027. The finished tower will feature limestone cladding, arched windows, and cascading terraces. Straus Media Manhattan attempted to reach the developer by phone for comment but did not receive a response by the time of press.