Artist’s rendering201 East 23rd Street (The Willow)
201 East 23rd Street, New York, NY 10010
BBL 1009047501 · BIN 1091824
- Year built
- 2026
- Units
- 69
- Floors
- 19
- Amenities
- Rooftop terrace with dining and lounge areas, grilling stations and a planted willow; ground-floor library; landscaped courtyard garden; fitness center and sauna; screening room; music room; and a bar room built around a stone mermaid medallion salvaged from the demolished building, per developer materials and press coverage
- Land
- Ground lease; the building sits on leased land
- The Roebling Team's building profile
- Landmark status
- Not an individual landmark; not in a historic district
- NYC Landmarks Preservation Commission and City Planning records, updated February 2026
- Leasing by owners
- Permitted
- Pied-à-terre
- Permitted
Every recorded sale at this building, 2026–2026
Price-per-square-foot over time, the line- and floor-premium curves, and every recorded sale.
- Listing discount
- 0.0%
- Recorded sales
- 49
- On record
- 2026–2026
Own an apartment here? See what it would sell for.
A Private Pricing Opinion — what your apartment at The Willow would likely sell for today, what it costs to sell, and what you’d walk away with — reviewed personally against condition, exposures, renovation quality, and the competition actually on the market.
The Willow is a rare thing in Manhattan: a new building sold as cooperative shares. The great majority of new construction in the borough for four decades has been sold as condominium. This one was structured as a condominium with a single residential unit, and that unit is owned by a cooperative corporation whose shareholders hold proprietary leases. Buyers bought shares. The press, and much of the marketing, calls it a condominium; the deed, the offering plan and every one of the recorded sales call it a cooperative.
The structure follows the land. Naftali Group took the corner site under a long-term ground lease in 2023 rather than buying it, and the fee owner of record is unchanged. Apartments on leased land are leasehold interests whatever the wrapper, and a leasehold cooperative is one established way to sell them — a small number of Manhattan and Brooklyn new-construction buildings have used it. The offering plan states the sponsor's own reasons; read them. Whatever the reason, the structure changes what a buyer owns, what a lender lends against, and what sits inside the monthly payment. At The Willow, maintenance carries the building's share of ground rent and the full real estate tax on the residential unit. Neither is visible in a price.
The building itself is the point of the sales campaign, and deserves to be. COOKFOX wrote a brick building for a corner that had been a two-story commercial box, with setbacks, terraces and loggias stepping up nineteen stories and a Rockwell-designed amenity program at the base and on the roof. The sponsor sold it quickly: the plan went effective with 60% under contract, and ACRIS recorded 45 closings in the first eleven weeks.
Architecture and unit composition
The massing is set back in stages from both street walls, which gives the upper floors terraces and the corner a stepped profile rather than a sheer tower. The facade is red brick with industrial-styled punched windows; COOKFOX describes the design as a mediator between historic Gramercy and Kips Bay. The ground floor carries a single retail condominium unit on Third Avenue, leased in September 2026 to a fitness-studio operator per trade press.
Sixty-nine residences range from one-bedrooms to four-bedrooms, with full- and half-floor layouts at the top of the building. Twenty-one storage units are offered separately under the plan. The apartment corporation owns the residential condominium unit as a whole; each apartment is a block of shares allocated in Schedule A of the offering plan.
Building operations
The Willow has been an operating building for a matter of months. The initial board of the apartment corporation was designated in the first amendment to the offering plan, and the plan sets when the sponsor's control ends. The first budget in the offering plan, and the ground rent line within it, are the documents to read; the building has no operating history against which to test them.
The debt picture at the cooperative level is clean on the recorded record. The sponsor's construction financing — two mortgages recorded in February 2025 with a combined principal of about $67.5 million — was partially released from the residential unit on May 20, 2026, the day the unit was deeded to the apartment corporation, and no underlying cooperative mortgage appears recorded against lot 1002 as of the latest ACRIS records reviewed. Confirm in the plan and its amendments.
Sublet and pied-à-terre policy
A condominium owner leasing a unit and a co-op shareholder subletting are different rules, and a building-wide rule is different from a restriction on one apartment. This is the building's rule; confirm it for the specific apartment.
- Leasing by owners
- PermittedSource: The Roebling Team's building profile
- Pied-à-terre ownership
- PermittedSource: The Roebling Team's building profile
Considering an apartment here? Send Corey the listing to discuss the sublet and pied-à-terre rules for that apartment.
Own an apartment here? Request an apartment-specific pricing review.
Monthly carrying charges in recent sales
- Common charges + taxes, per room
- $714 per room a monthMedian of 26 recorded sales since October 2023Source: recorded sales, refreshed October 2026
- Common charges + taxes, per square foot
- $3.03 per square foot a monthMedian of 26 recorded sales since October 2023Source: recorded sales, refreshed October 2026
Common charges plus real estate taxes, combined into one monthly figure the way New York condominium listings show them. Add a mortgage payment for the monthly outlay. A summary of recorded sales, not a current bill; charges change.
Building staffing and amenities
- Elevator
- YesSource: NYC Department of Buildings elevator records
- Amenities noted
- Fitness room, spa, residents' lounge, media room, roof deck, gardenSource: The Roebling Team's building profile
Staffing and amenities as our building profile and recent listing records describe them. A feature not listed is not confirmed absent. Outdoor space, parking and some facilities can belong to particular apartments or to a separate owner; confirm access for the specific apartment.
Renderings of The Willow
Artist’s renderings from the project’s marketing materials. They show design intent and may differ from the building as built; residence images are examples, and finishes and layouts vary.
The building
Artist’s renderingShared spaces
Artist’s renderingResidences
Artist’s rendering
Artist’s rendering
Artist’s rendering
Artist’s rendering
Artist’s renderingRecent sales
Every sale at The Willow to date is a sponsor sale, recorded between late May and mid-August 2026. The record shows a clear spread by line and floor, with the full-floor and top-floor residences at the head of the range. There are no resales. The two-sale figure in some datasets captures a sliver of the sponsor's closings and says nothing about the resale market, which does not yet exist.
Pricing should be read against both halves of the structure. The apartments compete with new-construction condominiums on 23rd Street and in Gramercy on finish, layout and amenities; they differ from them in that the buyer owns shares on leased land and carries ground rent inside maintenance. How the resale market prices that difference will be set by the first resales, not by the sponsor's sheet. Unit-level transaction history is maintained in The Roebling Research Library and shared with clients during diligence.
Full closing history with price-per-square-foot over time, the complete retrade record, and every line that has traded.
Sales sourced from NYC Department of Finance recorded transfers (BBL 1-00904-7501). Apartment-level facts (line, condition, asking-price context) curated and cross-verified in The Roebling Research Library. Not all transactions cross-verify with ACRIS records — sponsor and LLC purchases sometimes record at stipulated values rather than market price.
What would your apartment rent for?
Enter your apartment and I'll send you what it would rent for, from comparable closed leases at The Willow and nearby.
What to know if you’re buying
Read the ground lease before anything else. Have counsel extract the term, the rent schedule, every reset or revaluation date, and any purchase option or right of first offer. The rent is a cooperative expense and flows into maintenance; a reset that doubles it is a maintenance increase.
Tell your lender it is a leasehold cooperative on day one. Loans here are share loans against a proprietary lease on leased land, not condominium mortgages. Confirm the lender has approved the building and accepts the remaining lease term.
Get the board's rules in writing. Financing ceiling, post-closing liquidity, sublet policy, pied-à-terre use, and whether LLC and trust ownership will be permitted on resale as it was in sponsor sales. A new building's rules are set by the offering plan and can be amended.
Price the maintenance, not just the price. Run the True Monthly Carrying Cost Calculator with the plan's projected maintenance, including ground rent and full taxes, and the Co-op Board Qualification Calculator against the board's requirements.
What to know if you’re selling
Explain the structure before the buyer's lawyer does. Buyers who arrive expecting a condominium will discover shares, a board and a ground lease in the contract review. Put the structure, the lease term and the current maintenance breakdown in the listing materials.
Expect to compete with sponsor inventory. Early resales will sit beside the sponsor's remaining apartments. Know what the sponsor has left and on what terms.
Comparable buildings
If you're considering The Willow, also evaluate:
- 234 East 23rd Street — Naftali Group's 2015 condominium a block east on 23rd Street; the same developer in fee-simple condominium form
- 150 East 23rd Street (Celeste Gramercy) — 2019 new-construction condominium on the same stretch of 23rd Street
- 119 East 23rd Street (Crossing 23rd) — 2005 condominium between Park Avenue South and Lexington Avenue
- 269 West 87th Street (West End and Eighty Seven) — a 2018 Manhattan new-construction leasehold cooperative; the closest structural precedent
- 138 Willoughby Street (Brooklyn Point) — leasehold cooperative on condominium units in Downtown Brooklyn; the same ownership mechanics at tower scale
- 18 Gramercy Park South — trophy Gramercy condominium conversion; the neighborhood's fee-simple benchmark
- 760 Madison Avenue — COOKFOX new construction on the Upper East Side
More Gramercy buildings
- 200 East 16th Street — 1929 co-op
- 200 East 20th Street — 2024 condominium by CetraRuddy Architects
- 200E21, 200 East 21st Street — 2016 condominium by BKSK Architects
- The Abbey (203 East 16th Street) — 1888 condominium
- 205 Third Avenue — 1964 co-op
- Gramercy Park Habitat, 205 East 22nd Street — 1896 condominium
The neighborhood
For the full corridor — architecture, transit, and pricing across Gramercy — read The Roebling Team Guide to Gramercy.
The full playbook — what goes in the package, how boards read your financials, the interview, and the timeline — plus sample cover, reference, and personal letters you can adapt.
How to read the facts on this page. Items attributed to an offering plan describe the building as it was offered at that filing — unit mix, square footage, the amenity program as planned. They are not a statement about how the building operates today. Tax and compliance figures are sourced separately to current City records and carry their own dates. House rules, staffing and fee policy can change by board resolution without any public filing: treat every policy line here as a starting point for diligence and confirm it with the managing agent. Where this page compares one building or neighborhood to another, that is our analysis of the recorded record — it names the measure, the period and the sample it rests on, and it is an observation about medians rather than a prediction about any particular apartment.
Considering a move at The Willow?
Request a private building brief with the relevant comparable sales, current and off-market availability, and an apartment-specific view of value.
646.939.7375 · c.cohen@compass.com