Gemdale Properties, Toll Brothers Enter JV To Build Luxury Condos In Gramercy Park
Luxury developer Toll Brothers and Gemdale Properties and Investments—an affiliate of China’s largest real estate developer Gemdale Corp—have entered a joint venture to co-develop luxury condos in Manhattan’s Gramercy Park.
The condominiums at 121 East 22nd St will be designed by the Office for Metropolitan Architecture and will consist of two-towers and 133-units spanning East 22nd to East 23rd streets. The site will be near Midtown Manhattan’s business center and a short distance from Madison Square Park and Union Park, according to the release.
The Toll Brothers-Gemdale JV has secured a $237M construction loan from five banks, including Bank of New York Mellon, Capital One, China Merchants Bank New York, MUFG Union Bank and CIT Bank.
“We are very pleased to team with Gemdale to develop this spectacular luxury condominium project…Its exceptional location within the Gramercy Park neighborhood makes this one of the most appealing buildings in which to live in all of New York City,” Toll Brothers CEO Douglas Yearley said in a statement.