Condo pick of the week

A Gramercy Park studio with no transfer or mansion taxes, for $1,310,000

The studio apartment has generous windows and hardwood floors. Keep in mind the listings photos are of a model apartment.

Toll Brothers

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There are several ways to take advantage of NYC's oversupply in luxury condos and buying a unit from a developer offering extreme incentives is one of them. This Gramercy Park studio, 121 East 22nd St., #N503, with an asking price of $1,310,000, falls in that category—it is in an 18-story, high-end new development packed with amenities and the sponsor will pay both the transfer tax and mansion tax on full-price offers, which amounts to a savings of nearly $40,000 in closing costs.

The median asking price for studios in Gramercy Park is currently $529,000 and for one bedrooms it is $982,500, according to StreetEasy. This studio is priced well above that (and according to the price history, has been offered for $1,175,000 for the past two years).

You get access to some attractive amenities—a children's playroom, gym, swimming pool, movie screening room, garage parking, shared courtyard, and a concierge. Monthly common charges are a relatively modest $656. 

The living room has generous windows and hardwood floors. The listing photos are of a model apartment so you have to imagine a bed in place of the dining table (above). There's a sizable walk-in closet off the alcove. 

The kitchen cabinetry is a dramatic black glass with polished quartz countertops. The appliances are Gaggenau and include a dishwasher.

The bathroom has a tub with a shower and the room is finished in marble tile and has a white oak vanity.

The neighborhood isn't best known for peace and quiet—there are lots of complaints about noise nearby and there's new construction going on within half a block. However, the building is pet-friendly and has a full-time doorman. Transit options include the 6, W, and R trains within a five-minute walk.