Chinese investor creates sixth U.S. JV
China-based Gemdale Properties and Investments, an affiliate of Gemdale Corp., has formed a joint venture with U.S. home builder Toll Bros. to co-develop a luxury condominium project at 121 E. 22nd St. in Manhattan.
The project consists of a two-tower, 133-unit luxury condominium building, designed by the Office for Metropolitan Architecture. The residential tower marks the firm’s first building in Manhattan.
The project is located in Manhattan’s Gramercy Park neighborhood on a site spanning East 22nd and 23rd streets, with corner frontage on Lexington Avenue at 23rd Street. The building will have two connected towers with a single residential entrance on East 22nd Street.
This is Toll Bros.’ first venture with the foreign investor, while this is Gemdale Properties and Investments’ sixth U.S. joint venture within the past year.
In June, Gemdale partnered with Madison Equities and Impresa Pizzarotti to co-develop 4