In 2006, Gemstone Development completed a 700-unit condominium property called Manhattan, located south of the Las Vegas Strip.

[1] As of July 2006,[2] Gemstone was planning to build a condominium project on the newly acquired land, under the name ManhattanWest.

Developer Alex Edelstein, the chief executive officer of Gemstone, was confident that the project would succeed despite a poor housing market in Las Vegas.

[3] The flagship nine-story building, known as Element House,[4] would include 73 units,[5] a 70,000 sq ft (6,500 m2) fitness center,[4] and a rooftop deck and lounge with views of the Las Vegas Strip and Red Rock Canyon.

Unit prices on the project had been raised five times up to that point, and construction was proceeding on a continuous schedule to get the first five buildings finished.

One aspect of the project that garnered attention from prospective buyers was ManhattanMD, an on-site medical facility for residents.

[10] Edelstein cited poor construction work by Apco as the reason for the change, and additional money had to be spent on reworking and rebuilding parts of the project that were deemed inadequate.

[11] The project had 58 building code violations, including faulty structural concrete and an inadequate fire safety system.

The announcement was made during the Great Recession, and Edelstein said a primary reason for the suspension was "a mismatch of what it costs to build one of these things and what people are willing to pay for condos and office space."

[12] A legal battle developed, involving the banks that financed the project and construction companies that were owed money for their work.

[20] The companies planned to spend an additional $30 million to finish the project, which would be renamed The Gramercy and would retain its New York theme.

[21][22] HMS Holdings signed a deal to become the first major office tenant, leasing 65,000 sq ft (6,000 m2) in The Gramercy.

[25] WGH believed that there was strong demand in the area for restaurants, prompting the decision to include several eateries at The Gramercy.

[26] A decision was ultimately made to demolish the tower, as finishing it would be too costly because of the building code violations that would need to be addressed.

However, the noise could be heard for several blocks away, and there were concerns that it would lead to complaints from office tenants and that it would cause disinterest in prospective apartment renters.

[30] In April 2017, the two commercial buildings were sold for $61.75 million to two real estate firms, Koll Company and Estein USA, based respectively in California and Florida.

[25] The remainder of The Gramercy – including the apartment buildings and 12.6 acres of vacant property and parking lots – was sold to California-based developer Lyon Living in May 2018, for $45.75 million.

[31] In September 2020, Lyon Living announced plans for a six-story apartment building with 294 units, to be built on the former land of the imploded tower as well as adjacent property.