Legion Investment Group Buys Third Avenue Condo Site for $68M
By Rebecca Baird-Remba March 6, 2024 6:17 pm
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After fighting a Gramercy Park co-op for air rights in court, Legion Investment Group has spent $68 million to purchase land for a planned 11-story condo building at 252-258 Third Avenue, according to public records.
Legion purchased the lots at 252, 254, 256 and 258 Third Avenue in four separate deals totaling $68.3 million from different entities, deeds made public Wednesday with the city’s Department of Finance show. The buildings — which are a mix of one- and two-story storefronts and one four-story walkup apartment building — sit on the western side of Third Avenue between East 20th and East 21st streets in Gramercy.
Legion filed plans in November for the 11-story condo project, which has the address of 38 Gramercy Park East, according to New York YIMBY. The 25,680-square-foot development would have 13 apartments, each averaging nearly 2,000 square feet.
The developer had hoped to purchase air rights from 38 Gramercy Park North and cantilever its condo building over the co-op’s roof, The Real Deal reported in 2022. The developer was even angling for a tony Gramercy Park address, potentially giving future residents access to the private park.
Legion negotiated a $4.1 million deal for the property’s 11,800-square-foot air rights — which would’ve allowed the developer to nearly double the size of its condo project, to 20 stories — and paid the co-op $10,000 a month for three years to rent a ground-floor retail space as a construction office.
However, a court voided the sale of the development rights after one of the co-op’s shareholders sued, arguing the co-op board sold air rights for too low an amount, according to TRD and court documents.
Legion didn’t immediately return a request for comment on the purchase.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com
