Yup , just frame the wall with the drywall between , no harm done.The only thing you may want to do is glue (PL 400) the stud to the sheetrock to keep it from moving and creat a gasket of sorts since there may not be a nailer behind the existing sheetrock.Also keep the new sheetrock about 1 inch off the floor on the new wall so it does not wick moisture from the concrete floor.This can cause mold to grow at the bottoms of the sheets.
Good luck on your project.