Apex Spends $15.7M for Buildings Adjacent to Planned Resi Development


Manhattan-based Apex Real Estate Investments, which is planning to construct a residential building at 253-255 Third Avenue in the Gramercy Park neighborhood, has purchased the properties next door for $15.7 million, according to property records filed on July 6.

The two properties at 257-259 Third Avenue between East 20th and East 21st Streets are attached, three-story mixed-used residential and ground-floor retail buildings with a total of about 6,000 square feet.

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The firm paid $9.5 million last year to acquire 253-255 Third Avenue, which are also mixed-use residential and commercial three-story buildings, property records indicate. The city’s Department of Buildings granted demolition permits for the properties last summer. Apex has not filed applications for construction permits on either pair of lots.

It was not immediately clear if the lots at 257-259 Third Avenue would also be demolished for the new residential building. Kasra Sanandaji, Apex’s founder, declined to comment.

Apex is planning to construct the residential building with affordable housing on the ground floor to earn a 40,000-square-foot bonus that it could transfer to another, yet-to-be announced project in the area, according to an article last year in The Real Deal. Both projects will be constructed together with Kevin Maloney’s Property Markets Group. Mr. Maloney didn’t immediately respond to requests for comment.