$51 Million Apartment Tower To Rise In Gramercy East

NEW YORK CITY-A 20-story luxury apartment tower, which broke ground recently in Manhattan’s upscale Gramercy East neighborhood, will be the maiden New York City project of a joint venture between Post Properties and the Clarett Group.

Post Luminaria will be a 150,000-sf rental property at 385 First Ave. and will include studio-, one- and two-bedroom apartments. Average unit size in the 138-unit building is 750 sf and monthly rents will range from $1,800 to $4,500.

While steep by most standards, rents at the amenity-laden Luminaria seem almost modest by Manhattan standards. And given the cachet of a Gramercy East address, the building’s top rental price of $4,500 is a downright bargain.