Former 21st precinct demolished, new building will be residential

Construction site at 327 East 22nd Street (Photo by Sabina Mollot)

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.

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Former Gramercy police precinct to be auctioned off

June30 21st Precinct

327 East 22nd Street, originally home to the 21st Precinct (Photo by Sabina Mollot)

By Sabina Mollot

Two years ago, a Gramercy building that was once home to the NYPD’s 21st Precinct was sold to developer Sam Suzuki, who planned to convert the building to luxury condos.

However, the building, located at 327 East 22nd Street, is now scheduled to be sold at a public auction on Thursday, June 30 at 11 a.m. The upcoming sale, which was mentioned in a public notice in the New York Times, will take place at the New York County Courthouse and is being facilitated by Mission Capital Advisors. In the notice, the property is referred to as “SCPD Gramercy 1 LLC.”

In April, 2014, Suzuki bought the four-story building between First and Second Avenues for $11.5 million, securing an $18 million mortgage. As a condition of the sale, Suzuki also got 7,000 square feet of air rights. In February of 2015 the owner got a permit to demolish the property. However, today it still sits — at least the outside of it — boarded up and covered by a scaffolding. The permit to fully demolish the building expired this February, and the owner hasn’t since filed for a new one.

Prior to this, the building was used as a home for LGBT young people, and run by Green Chimneys, a nonprofit based in Brewster, New York, that owned the building.

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