What you can get for $1 million in Gramercy Park, where residents have keys to a private park
- The area has walk-ups, townhouses, and larger apartment buildings on picturesque streets
- Studio co-ops start at $400,000 and one-bedroom condos at $1.2 million, less for fixer-uppers
- Its central location, lack of tourist attractions, and historic architecture are the main draws
Sotheby's International Realty
Have you always wanted to live in Gramercy Park but assumed you were priced out? In this new series, Brick looks at listings in New York City’s most in-demand neighborhoods for under $1 million—roughly the median sales price for Manhattan co-ops and condos—as well as higher-priced options below $2.5 million.
If your goal is to live large, think small: Buying a studio or one bedroom is a way to net the nabe of your dreams. New to buying NYC real estate? Be sure to wrap your head around the difference between co-ops and condos. Co-ops are generally less expensive but also are older and have fewer bells and whistles than condos—plus more rules. With that in mind—happy hunting!
In this week’s Your Next Move, Rachel Altschuler, a broker at Sotheby’s International Realty-Downtown Manhattan Brokerage, and Brian Morgan, a broker at The Corcoran Group, give us the inside story on Gramercy Park, a classic NYC neighborhood with historic architecture, picturesque streets, and the private park of the same name.
What draws buyers to the neighborhood?
With its relaxed feel and vibrant energy, Gramercy Park “is the best of both worlds,” Altschuler says. “Centrally located, it has a small-town feel; its privacy is a treasure.”
One of the main attractions, Morgan says, is the two-acre Gramercy Park, which is one of only two private parks in NYC. “Only the people who live there and pay an annual fee have a key,” he says.
The neighborhood, he adds, is in the middle of the city, “steps away from the East Village, Park Avenue, and Grand Central Station. It’s close to Union Square and is on the cusp of so many good neighborhoods.”
What are housing and pricing like?
The neighborhood is known for walk-ups, townhouses, and larger apartment buildings.
“Gramercy is one of the highest-priced neighborhoods due to high demand and low inventory,” Altschuler says. “As you head closer to Second and Third avenues, you can find more affordable pricing as well as more options for renters.”
Prices range from $400,000 for a real fixer-upper, to over $20 million for premier properties, including townhouses, Morgan adds.
What type of property can I get for under or around $1 million?
You can get a studio condo for around $700,000 to $900,000, says Altschuler, adding that one bedrooms typically start closer to $1.2 million.
She notes that you can, however, find a one-bedroom co-op for under $1 million, “although it may need some work, or the building may lack amenities.
Studio co-ops start at around $400,000 to $600,000.
Buyers will pay a premium for high-end renovations and prewar features such as a fireplace, beamed ceilings, and original hardwood floors.”
StreetEasy lists 65 properties for $1 million or less.
I can stretch my budget. What can I get for $2.5 million?
There are a few options up to $2.5 million that include two- and three-bedroom condos and co-ops.
Pricing from $2 million to $2.5 million varies depending on condition, views, private outdoor space, building amenities, and whether it’s prewar or postwar, Altschuler says. “Pricing comes down a bit if the co-op has stricter policies or if the maintenance is on the higher end.”
Are there any newer condo developments I should check out?
Newer condos typically offer the most luxurious amenities and finishes, features that attract many buyers.
There are no such notable projects in the neighborhood.
Which attractions do you show buyers who have never been to the area?
Altschuler generally takes clients to Friend of a Farmer or Pete’s Tavern, then heads over to the Union Square farmers’ market. Other stops include Jean Georges’ abc kitchen, Eataly, The National Arts Club, and boutiques along Fifth Avenue.
“The beauty of Gramercy is there are very few tourist attractions, so it speaks to buyers who are looking for a residential neighborhood but want to be close to the action,” Altschuler says.
Morgan’s tour starts at Gramercy Park and includes the bars and restaurants on Park Avenue and Irving Place. He also points out Madison Square Park and the children’s playgrounds and parks at Stuyvesant Town-Peter Cooper Village, all of which are nearby and frequented by Gramercy Park residents.
What are the nearby neighborhoods, and are they less expensive?
Altschuler says buyers should either look in nearby Kips Bay, the East Village, or the Lower East Side.
“The surrounding neighborhoods of Flatiron, Chelsea, and NoMad are still among New York’s most exclusive,” she says.
Check out these listings that are around $1 million in Gramercy Park.
Originally listed for $699,000, this 700-square-foot, one-bedroom co-op has been reduced to $650,000. Features include a dishwasher, parquet floors, and soundproof windows. The 1962 elevator building has 264 units, 19 stories, a doorman, and bike room.
This recently renovated, 425-square-foot, studio co-op has a new kitchen, soundproof windows, and custom radiator covers and lighting. The asking price is $549,000. Dating to 1963, the 14-story building has 188 units, a 24-hour doorman, roof deck, workout room, and bike room. Garage parking is extra.
Located in a full-service Art Deco co-op, this corner one-bedroom unit has original details, including an archway in the entry foyer, hardwood floors, subway tiles, and beamed ceilings. The open-plan layout includes an updated kitchen with stainless steel appliances and a built-in home office area. Building amenities include a full-time doorman, resident manager, porters, a central laundry room, recreation room, gym, and bike and storage rooms.
This loft-like studio, listed for $379,000, has been recently renovated. Amenities of the 16-story, 262-unit building, which dates to 1965, include a roof garden, bike room, and garage.
Listed for $995,000, this one-bedroom co-op, which is in contract, features architectural arches, inlaid oak flooring, a wood-burning fireplace, renovated eat-in kitchen with granite countertops and a dishwasher, and marble tile in the bath. Gramercy House is a circa-1900 building with 17 stories, 33 units, concierge and doorman services, a live-in super, common perennial garden, and rooftop terrace.
Nancy A. Ruhling is a freelance writer based in New York City.
You Might Also Like