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New Gramercy condo will bring 65 apartments to Second Avenue

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It will be developed by the new firm Silverback Development

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Silverback Development—a development firm founded in New York City just last year—has announced a new building for 351-359 Second Avenue, located on the corner of East 21st Street in Gramercy.

According to Crain’s, the building will measure around 80,000 square feet, rise 145 feet and hold 65 condo apartments. Three-quarters of the condos will be priced below $2.5 million, in the so-called “affordable luxury” sphere (i.e., apartments that are below the $4 million or more that’s typically considered “luxury”). Most will be studios and one bedrooms, although some units may be combined into larger apartments for buyers.

Josh Schuster, founder of Silverback, has partnered with the land owner of the site for this project. The owner purchased these corner lots in 2013 for $32.75 million, as well as 8,200 square feet of air rights from neighboring properties. Silverback will work on securing the construction loan, then manage the design and development of the new building and apartment sales.

Silverback expects to spend $100 million on construction. Work will kick off next year and should last until 2020.