Would you pay between $3,500/month for a studio, or up to $8,000/month for a two-bedroom, to rent at 270 Park Avenue South (at 22nd Street, (above))? The question is no longer hypothetical. The building, aka the Gramercy Park Lofts, was vacated awhile and gut-renovated for an assumed condo conversion. Now, it appears, the owners have had a change of heart and are making the 80-plus units available as rentals starting August 1.
Says a Curbed source on the deal, "This is noteworthy because it clearly shows the thought process of building owners trying to take advantage of whichever market, sale or rental, is thriving at the time. In this case, projections for renting the apartments must have outweighed the fast profits that would have been gained by selling building." Which makes sense, though we happen to like the flair of the broker babble better: "Due to the tremendous success of the real estate rental market, this opulent structure re-emerges this month as Gramercy Lofts."
· Listings: 270 Park Avenue South [The Real Estate Group]