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Got $83+ Million? Build Some Apartments Near Gramercy Park

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Residential redevelopments are suddenly big around Gramercy Park. 18 Gramercy Park, the conversion of an old Salvation Army building, is newly on the market and selling, to understate it, rather well. Now Memorial Sloan-Kettering hopes to cash in by selling the former Cabrini Medical Complex at Second Avenue and East 19th Street, the Journal explains. Sloan-Kettering bought the building two years ago for $83 million, but has decided to focus on its uptown developments instead. So a buyer is welcome to take the property off Sloan-Kettering's hands for an unspecified "much higher price than it sold for" last time around.

The only definite possibility with this particular lot is that a buyer could knock the building down and replace it with a 400,000-square-foot residential building. The city may also put its Police Academy building on East 20th Street on the market (a new academy is being built in Queens), which could create some exciting combo possibilities.
· Site Near Gramercy Park Offers Rare Opportunity [WSJ]