By Sabina Mollot
A building in Gramercy that at one time was the 21st Precinct has been torn down and will be replaced with a residential building. The four-story property, 327 East 22nd Street between First and Second Avenues, had already been gutted for a couple of years and covered with a scaffolding but was finally demolished last month.
In 2014, developer Sam Suzuki of Suzuki Capital had bought the building for $11.5 million, planning to turn the building into luxury condos. However, according to Acris property records, he sold it to Atalaya, an alternative investment advisor in May 2017, who then sold it in September 2017 to Bin Yu Wang for $12 million. A deed transfer filed in November 2017 now shows a Suzuki-connected “Gramercy 1860 LLC” to be the new owner. Suzuki, meanwhile, has taken out three mortgages totaling $11.3 million from lender Calmwater Capital, the records show.