New York ObserverApril 25, 2014Suzuki Capital, which recently closed on the purchase of the former 21st Precinct station house in the Gramercy Park area, is turning the property, at 327 East 22nd Street, into luxury condos.
“The history of the building and East 22nd Street are very intriguing and we plan to develop and design a boutique condo buyers will find appealing,” said Sam Suzuki, CEO of Suzuki Capital, in a prepared statement. “This area of Gramercy Park was once known as the Gashouse District, and offers a true New York City story dating back to the ‘Gangs of New York’ era.”
As Commercial Observer reported on Monday, the building was owned by Green Chimneys, a Brewster, NY-based nonprofit organization that provides residential, educational, clinical and recreational services to young people. The structure was being used as a group residence for 25 lesbian, gay, bisexual, transgender and queer young people before a contract with the city’s Administration for Children’s Services expired last year. The April 3 sale to Suzuki, which closed for $11.5 million, included 7,000 square feet of extra air rights.
CORE’s Tom Postilio, Mickey Conlon and Natalie Rakowski will be marketing the building.
No other details were provided about the condo.