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Last Gramercy Park Rental Building Going Condo

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Jealous of the lucky stiffs at 36 Gramercy Park East who get to live a life of private park luxury without carrying a mortgage? Don't be! The Real Deal reports that tenants in the 53-unit Gothic building were issued proposed condo offering plans on December 26 (Merry Christmas!), which indicated the apartments would be sold at an average asking price of $2,448 per square foot, though large units facing Gramercy Park will ask for well over $3,000/sqft. Ian Schrager's 50 Gramercy Park North, the posh condos built as an extension to the Gramercy Park Hotel, sold for an average of $2,825/sqft a few years back. The conversion is being pursued by building owner Mann Realty Associates, co-owner of the troubled Apthorp on the Upper West Side, another storied old rental building undergoing condo conversion. Some 36 Gramercy Park East renters are drawing parallels between the building and the Apthorp situation.

36 Gramercy Park East has 19 rent-stabilized/rent-controlled apartments taking in $1,000-$2,000 per month (two currently available market-rate units in the building are asking $12,500/month and $20,000/month) and you'd better believe it'll take a lot to buy those tenants out of their sweet park digs. Mann has made no offers as of yet, but they'll have to do something?11 of those apartments overlook the park, and the filed conversion plan is non-eviction. But there's no big rush; the conversion is still one year out, economy permitting. However, it's already making fans, at least in snooty Gramercy Park overlord Arlene Harrison, who told TRD, "We feel it can only be a positive for our community. We find that in general, rental buildings have a more transient population and in many of the [buildings] on the park, the apartments are handed down through the generations." Away, you $20K/month-paying transients!
· Sole Gramercy Park rental building to go condo [Real Deal]

The Residences at 36 Gramercy Park East

36 Gramercy Park East, New York, NY