Offering Plan Filed for 57 Condos at 38 Gramercy Park East

Nov 2

38 Gramercy Park East is a new 57-condo building rising on the east side of Gramercy Park, the first new condo on the park since 18 Gramercy Park in 2012. It is 12 stories on the park side and 20 stories on the Third Avenue side, built on an assemblage of six buildings. The developer is Legion Investment Group, with Gindi Capital as an equity partner.

Where Things Stand

The sponsor filed with the New York State Attorney General on August 18, 2025, and that filing was accepted on August 26, 2025. It is a preliminary, test-the-market filing, which lets a sponsor gauge interest before it can sign contracts; an amendment followed on September 24, 2026. The full offering plan with pricing has not been accepted yet, so there is no public pricing and no homes are for sale. Construction is well along: a city inspection on October 22, 2026, put the frame at the 18th floor. Join my early access list below and you'll hear about pricing and launch timing before it reaches StreetEasy.

What We Know So Far

57 condos in a new 20-story building, 12 stories facing the park
About 139,000 square feet of floor area on the building permit, which points to large homes, likely three and four bedrooms (the final mix isn't public yet)
An elevator building
Test-the-market filing submitted August 18, 2025, and accepted August 26, 2025
What's next: the full offering plan with pricing still has to be accepted by the Attorney General

Buying in a New Development?

New construction works differently than a resale: offering plans, sponsor contracts, closing costs and timelines all have their own rules.

Read my guide to buying a new development condo →

A Closer Look at the Building

The split height is the key detail: the lower section faces the park and the taller section faces Third Avenue, so park views will likely be limited to the lower floors on the park side, with city views higher up on the Third Avenue side. Legion's one completed Manhattan condo, 109 East 79th Street, sold out within two years. Finishes, amenities, outdoor space and common charges will be public once the full plan is accepted.

Gramercy Park Highlights

Gramercy Park is one of Manhattan's quietest and most historic neighborhoods, built around the city's only private park and lined with landmarked townhouses and prewar buildings. Irving Place has some of the neighborhood's best restaurants, and Union Square and its Greenmarket are a short walk.

The 6 at 23rd Street, about a 3-minute walk
The R and W at 23rd Street, about 7 minutes
The 4, 5, 6, L, N, Q, R and W at Union Square, about 8 minutes
The L at 3rd Avenue, about 9 minutes

Katie's Take

I track new development filings in Brooklyn and early-stage filings in Manhattan, and 38 Gramercy Park East is the rare new building on a block where almost nothing new ever gets built. The same developer's 11 West 13th Street in Greenwich Village filed a projected sellout of about $500 million across 34 homes, which tells you this team builds at the very top of the market, so expect pricing here to follow. With the frame nearly topped out, this is the time to get on the list: the park-side homes are the ones I would expect to go first once the full plan is accepted.