Gramercy Park, NYC

Project Name: 121 E22nd Street

Project Description: 121 E22nd Street is a luxury 140-unit condo project, ground-up construction mixed-used building of 18 stories and 12 stories (2 residential buildings), consisting of a total of 275k gross square feet, automated parking, and 17,000 square foot retail. Amenities include a gym, pool, rooftop lounge, courtyard, media room, kids room, and cinema.

Total Development Cost: $385M

Status: Completed in 2019

Financing: $142M Equity and $243M Construction Loan

Design: OMA (Design Architect); SLCE (Project Architect)

Engineering: WSP (Structural and MEP)

Contract Type: Guaranteed Maximum Price Contract (GMP) with CMA

Project Challenges and Solutions:

• The development site was between two distinct zoning districts which created a design challenge. The design solution was to build two towers connected by an expansive breezeway with views of a Zen garden.

• The original design called for a curtain wall system that was $25M over budget. Through design value engineering, the project was brought back to budget while maintaining original design integrity with precast panels and punch windows.